ChainCatcher report, according to Arkham monitoring, 0x58bro has profited $4.5 million by shorting altcoins and plans to increase his positions as prices rise. The address’s largest gains come from shorting ETH: it has already earned $3.04 million by shorting $11 million worth of ETH and intends to add another $1.3 million in ETH shorts when the price reaches the $2,220–$2,490 range. Currently, by shorting over $32 million worth of cryptocurrencies, it has unrealized profits of $4.5 million.
Whale Trader Shorts $32M in Crypto, Earns $4.5M Profit
ChaincatcherShare
Summary
A whale trader, 0x58bro, earned $4.5 million by employing a take-profit strategy to short altcoins, according to Arkham. The largest profit came from shorting $11 million worth of ETH, netting $3.04 million. The trader plans to increase short positions if ETH reaches $2,220–$2,490. While value investing in crypto often emphasizes long-term gains, this move demonstrates how short-term strategies can also generate substantial returns.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.