Legendary Ether Trader Faces Steep Loss
The trader in question had remarkably turned an initial $125,000 investment into more than $43 million at its peak, booking around $7 million in profits earlier this week.
However, as the market pulled back, blockchain analytics platform Lookonchain reported that the trader’s long position on Ether was liquidated, resulting in a $6.22 million loss. What remains of the once-legendary run is just $771,000 — nearly four months of gains erased in two days.
The correction also rattled other prominent figures. Well-known leverage trader James Wynn saw his long position partially liquidated, leaving only $300,000 worth of ETH at risk of further liquidation should the price fall below $4,113.
Wynn, known for his bullish outlook on an impending altcoin season, admitted on X that he is now “all-in” with no stablecoins left, and warned he would need to “drastically cut down” on living expenses if his expectations don’t play out.
Whales React: Panic Selling and Strategic Buys
Beyond individual traders, whale wallets have also shown sharp responses to the downturn. Lookonchain data revealed that three large holders sold a combined $147 million worth of Ether. This included $77 million from wallet “0x1D8d,” $57 million from “0x5A8E,” and over $12 million from “0x3684.”
Yet, not all whales are fleeing. Some viewed the dip as an opportunity. Nansen data showed wallet “0x159,” ranked among the top 100 traders, purchased $3.4 million worth of ETH.
Other significant buys included $3.16 million by whale “0x929” and $2.9 million by “0x5dc.” Even the wallet tied to the notorious Radiant Capital exploiter reportedly acquired $16.6 million worth of Ether.
The crypto market now turns its eyes toward U.S. Federal Reserve Chair Jerome Powell’s upcoming speech at Jackson Hole on Friday, a potential catalyst that could shape short-term investor sentiment across digital assets.
The post Ether Trader Loses Millions in Hyperliquid Liquidation as Market Corrects appeared first on BitcoinLinux.com.
