Trader under the pseudonym Qwatio has faced a series of liquidations, resulting in substantial losses in the cryptocurrency markets. Recent events highlight the unpredictability of trading positions in highly volatile conditions.
Qwatio's Losses
According to analytics service Lookonchain, trader Qwatio was liquidated eight times last week, leading to a total loss of $12.5 million. The latest liquidation occurred on Monday when the trader was partially liquidated on an Ether position leveraged 25X. A new liquidation price was set at $2,534 while Ether's price ranged between $2,425 and $2,519 in the last 24 hours.
Bitcoin Position Liquidated
Similarly, the Bitcoin position suffered a liquidation, with a new liquidation price set at $109,170. Just days prior, Lookonchain stated that Qwatio had been liquidated six times in only three days, losing $10 million at that point.
Other Traders Making Headlines
Meanwhile, multimillionaire crypto trader James Wynn, known for his risky trades, opened a small short position on Bitcoin at 40X leverage worth just $37,000. Wynn has also faced liquidation for nearly $100 million at the end of May and again for $25 million on June 4. On the same day, he closed his short position when Bitcoin hit $107,250 and instead went long for $44,466.
The strategies used by traders in the cryptocurrency markets can lead to both significant losses and profitable trades. The situations involving Qwatio and other traders underscore the importance of a cautious approach and market analysis.
