Renowned crypto trader AguilaTrades faced the necessity to close positions at a loss, resulting in total losses exceeding $35 million.
Path to Losses
According to the analytics platform Lookonchain, AguilaTrades has lost over $35 million in the last two weeks. The trader opened several long positions in Bitcoin (BTC) but failed to take profits during price increases, leading to significant losses.
Trader's Mistakes
1. On June 9, the trader opened a long position, during the rise his profit reached $5.76 million, but he did not sell and closed the position with a loss of $12.47 million after a decline. 2. On June 15, he opened a long position again, reaching a profit of $10 million, but again failed to sell, losing $2.95 million. 3. On June 20, he attempted again, making a profit of $3.2 million but closed the position with a loss of $17 million due to price drops.
Market Continues to Fluctuate
After three failed long positions, AguilaTrades went short and incurred another loss of $2.33 million as BTC continues to rise. Despite successfully timing the openings of his positions, the trader failed to secure profits during the rallies and was ultimately forced to close his positions at a loss.
The story of AguilaTrades highlights the importance of profit-taking strategies in trading volatile markets like cryptocurrencies.
