According to Lookonchain, a trader who had closed all of their previous 10 trades at a profit saw those gains wiped out on paper after an open Ethereum position plunged $7.3 million into the red.
On November 13, on-chain analytics platform Lookonchain reported that the address beginning with 0xe813 had made a total of $6.32 million on its previous 10 trades. In the latest trade, the investor opened a long position, expecting the price of Ethereum to rise.
The Ethereum position has not yet been closed
At the time of the post, the open position had an unrealized loss of about $7.3 million. As that amount exceeded the profits from the previous trades, the investor’s overall result turned to a loss of about $1 million. Since the position remains open, the loss may change depending on the price of ETH.
Not investment advice.