- Trader 0xcB92 shorted ETH at $3,618.30 using 15x leverage, building a $259.17M position that briefly netted $4.25M in profit.
- The trade’s liquidation price is $3,724.15, and ETH came within 0.5% of that level, threatening a total position wipeout.
- Unrealized losses now exceed $6M, with principal losses standing at $2.34M, erasing profits from the trader’s first three trades.
Trader 0xcB92, once riding high with a $4.25 million profit on a massive short position in Ethereum, is now staring down a potential liquidation. A sharp market reversal has put his $259 million trade on the brink of collapse.
15x Leverage Trade Flips on Rebound
Blockchain tracking platform Lookonchain, citing HyperDash data, revealed that trader 0xcB92 entered a high-stakes short position on Ethereum with 15x leverage. With an entry point at $3,618.30, the trade ballooned to $259.17 million in value.
As ETH dipped in the days that followed, the trader’s position soared in profit, reaching a peak unrealized gain of $4.25 million. However, the decision to hold rather than close proved costly. The market flipped direction, and Ethereum began to climb back toward the trader’s liquidation level.
Liquidation at $3,724 Threatens Entire Position
According to Lookonchain, the liquidation price for the short stands at $3,724.15. As of writing, Ethereum was trading within just 1.2% of that level, putting the position under extreme risk. If ETH touches that threshold, the $259 million position will be forcibly closed.
All earlier profits have already been wiped out. The trader is now down $2.34 million on the principal investment and facing over $6 million in unrealized losses. The reversal has effectively erased the success of the wallet’s first three trades.
Missed Exit Exposes Risk of Emotion-Driven Trading
Lookonchain summed up the situation in a tweet, stating, “Trader 0xcB92 is no longer smart,” pointing to the refusal to close the trade when it was deep in profit.
Despite having a winning edge early on, the position now reflects a costly error in judgment. The decision to hold on too long, hoping for further downside in ETH, has backfired. With the market pushing higher, the once “genius” trade now risks becoming a complete loss.
