Crypto trader known as AguilaTrades has made headlines for losing over $35 million within two weeks of trading Bitcoin. Despite often accurate market direction predictions, his strategy resulted in substantial losses.
From $39M to $4M – The Shocking Slide
It all began on June 8, when AguilaTrades created a new wallet and moved $39.18 million worth of USDC from Bybit to Hyperliquid, a trading platform for Bitcoin perpetual contracts. His bold strategy involved going long on Bitcoin. Initially, things looked good. On June 9, he opened a large long position on Bitcoin as prices began to rise, with unrealized profits peaking at $5.76 million. However, instead of locking in those gains, he chose to wait.
Ignoring the Signs – And the Losses Pile Up
As geopolitical tensions escalated due to the Israel-Iran conflict, Bitcoin's price sharply dropped. Aguila was forced to close his long position, incurring a $12.47 million loss. Nevertheless, he pressed on. Just six days later, on June 15, he went long again. Once more, Bitcoin prices climbed and his gains reached $10 million. But again, he failed to sell, and as the market reversed, his profits evaporated, leading to an additional $2.95 million in losses.
Change in Strategy—But Too Late
On June 20, he took another long position. After another rally, he had the chance to cash out with $3.2 million in profits. He did not take it. As Bitcoin dropped once more, his losses deepened to $17 million. Following three failed long trades, he finally switched strategies to go short, betting on Bitcoin's decline. Unfortunately, Bitcoin bounced back, adding another $2.33 million to his losses.
In a short span, AguilaTrades witnessed his account shrink from $39 million to just $4 million, resulting in a loss of over $35 million. This case serves as a lesson about the risks associated with cryptocurrency trading and the importance of risk management.
