PANews reported on September 17th that according to on-chain analyst Yu Jin, a trader who lost $35.84 million long on ETH and then switched to shorting BTC has lost another $7.5 million shorting BTC and has now switched to shorting ETH again. In just one month, he has lost $43.33 million, leaving less than $1 million in his address.
- The trader started going long on ETH in mid-August, but the anticipated surge didn't materialize. So, seeing ETH's weakness in early September, he stopped out, losing $35.84 million, and then went short on BTC.
- As a result, BTC remained strong and did not fall. He finally gave up his short position after holding on for half a month and closed all his positions at a stop loss in the early morning of this morning. This resulted in another loss of $7.5 million.
- Now he is back in ETH, but not long but short.
He sold all his BTC short positions 7 hours ago and then opened a short position in ETH: now he has opened a short position of 5,432 ETH (US$24.5 million) at $4,485, with a liquidation price of $4,594.
