Ethereum trader sees dream profit of $ 29 million evaporating

The Cryptomarkt is known for its capriciousness. You can become wealthy in a short time, but one wrong move can let your fortune evaporate. A trader experienced that in recent days. Where he first saw a paper profit of nearly 30 million dollars, there was only a fraction of it after a series of wrong decisions.

This Ethereum strategy led to paper mega win

According to Analysis Platform Lookonchain, the trader started with a relatively modest deployment of $ 125,000. He took aggressive lifting tree positions in Ethereum (ETH) via the Decentralized Stock Exchange Hyperliquid. Every time he took a win, he threw the full amount back in a new Long Trade.

As long as the Ethereum course continued to rise, that strategy worked as a rocket. Between October and February, ETH rose from 1,400 to almost $ 4,800, just below a new all-time high. In the same time frame, his assets on paper grew to a stunning 29.3 million dollars, an increase of no less than 23,580 percent.

At the beginning of this week, he decided to safely secure some profit. With that he eventually left around $ 7 million.

Ethereum-Crash costs millions

But happiness turned quickly. The trader stepped in again, determined to get even more out of the market. However, when the Ethereum race went short under 4,000 dollars, his positions were wound up hard. In one fell swoop he lost $ 6.2 million.

What remained was $ 771,000. Still more than five times his original stake, but incomparable with the nearly 30 million ever on his screen. For the trader it must feel as if he was hurled from a dream to a nightmare in a few days.