Renowned trader Andrew Kang made a new move by doubling his Bitcoin position. Following Donald Trump's statement, he opened a $200 million long position.
Opening a New Position
Andrew Kang, one of the most well-known traders in the cryptocurrency world, opened a long position in Bitcoin on April 9, when the cryptocurrency was trading below $85,000. After US President Donald Trump's statement that it was 'a good time to buy,' the trader decided to open a position with 40x leverage worth $100 million.
Details of Andrew Kang's Position
With the recent move, Kang now holds a $200 million long position in Bitcoin with 40x leverage. His current position’s average entry level is $82,076, showing an unrealized gain of $7.7 million. Currently, Kang has paid $115,000 in funding fees. If the price of Bitcoin drops to $83,410, the position will be liquidated.
Risks and Other Positions
Examining Kang's other positions reveals that he also holds a short position in Ethereum worth $6.7 million at 25x leverage, from which he has already lost $370,000. Additionally, he has a long position in Ethena worth $5.5 million at 10x leverage, yielding him a profit of $118,000. It is important to note that leveraged trading is highly risky, especially in the volatile cryptocurrency market.
Andrew Kang continues to trade actively, utilizing high stakes. His recent transactions illustrate both the potential opportunities and risks associated with trading in the cryptocurrency world.
