Here is How a Trader Profited $1 Million After the Crypto Crash

As revealed by Lookonchain, a mysterious user of the decentralized perpetual exchange GMX raked in approximately $1,000,000 after the crypto market crashed in mid-August since they shorted Ethereum at a high price a month ago.

• The trader opened the short position on July 14, when ETH was worth around $2,000 (per CoinGecko’s data), and closed it on August 17, when the second-largest cryptocurrency by market capitalization dipped to almost $1,700. The generated profit equaled nearly $1 million.
• The GMX trader waited a bit and opened another position, but this time betting that Ethereum’s valuation will head north. The entry price was $1,624, whereas ETH currently trades at over $1,660.

A GMX trader shorted $ETH at a high price on Jul 14 and closed the position after the market crashed on Aug 17, making nearly $1M.

Then went long $ETH immediately, the entry price was $1,624, and the current profit is $189.5K. pic.twitter.com/h97b6XMm3k

— Lookonchain (@lookonchain) August 21, 2023

• Lookonchain disclosed that the trader in question has been highly successful, seeing eight out of their ten trades profitable.
• It is worth mentioning that other crypto participants did not have the same success and registered significant losses due to the recent correction of the market.
• As CryptoPotato reported earlier this week,  Andrew Kang (Co-Founder of the crypto-focused venture capital firm Mechanism Capital) parted with more than $430,000 on August 18 as he opened long positions on Bitcoin (BTC), Ethereum (ETH), and Arbitrum (ARB), using up to 100x leverage.