The crypto market was thoroughly shaken up last week when the prices of assets in the space crashed rapidly. As a result, over 170,000 traders lost their positions, amounting to more than $1 billion in losses. However, not all crypto traders suffered due to the crash as one GMX whale trader made almost 7-figures in profit. On a closer look, the whale seems to be on a streak with an impressive 80% win rate over the last two months.
GMX Whale Trader Makes Almost $1 Million
When the crypto market crashed last week and the price of Ethereum fell from above $1,800 to below $1,600, most of the market was caught aware. But one GMX whale trader was properly positioned to profit from such a crash and they were rewarded handsomely for their foresight.
By the time the crash rolled around, the crypto whale already had a $9.5 million Ethereum short position opened at a price of $1,962. The whale held on to this position and as soon as the market tanked, they closed their position, collecting $992,784 in profit. The trade was taken with 40x leverage on the GMX platform.
GMX whale trader makes $992,784 from ETH short | Source: GMX.HOUSE
Despite this massive win, the whale was not done. Not long after closing the trade, the whale would go on to open an Ethereum long position using 5x leverage. This time around, the whale caught the Ethereum price at $1,624, and given that the digital asset’s price is up since then, the trader is already sitting on a $159,468 profit at the time of this writing.
ETH crash pushes price below $1,600 | Source: ETHUSD Tradingview.com
An 80% Win Rate On Crypto Trading
While the GMX whale trader’s positions over the last few days are impressive, what’s even more impressive is their win rate over the last two months. According to GMX data, this whale trader placed their first trade back in June, and since then, their profit margins have more than outperformed their loss margins.
With Ethereum being an obvious favorite, the whale has placed a total of 10 trades over this two-month period. Given that they have only taken losses on two trades, their current win rate is now sitting at 80%. Taking a total of profit and losses gives an average of $1.2 million in profit made over these 10 trades.
The whale’s Ethereum long position, which is in profit, is currently still open. But if they were to close this trade, then 9 wins out of 11 total trades would bring their win rate to around 82%, an impressive figure for crypto traders.