Trader Qwatio gained notoriety due to his rapid activities in the crypto market, which brought both incredible gains and colossal losses.
Profit of $6.8 Million and Liquidation
According to Lookonchain, Qwatio made headlines by earning over $6.8 million in a single day. He used 50x leverage for trading Bitcoin and Ethereum right before Trump signed an executive order that impacted the crypto market. The day after securing his profits, Qwatio withdrew his margin and allowed 160,000 ETH ($306M) to be liquidated, causing huge losses for Hyperliquid’s liquidity provider. In response, Hyperliquid reduced the maximum leverage on ETH from 50x to 25x.
Copying Strategies and Hunting Qwatio
Soon after, other traders began to imitate Qwatio's trading style. One individual used a similar strategy to manipulate the JELLY token, resulting in $12 million in losses for Hyperliquid. Qwatio himself became a target for a team of whales led by user 'CBB'. At one point, Bitcoin spiked 2.5%, but Qwatio defended his trade by quickly adding more margin.
Liquidations and Attempts to Return to Trading
Lookonchain also tracked Qwatio's new wallet, where he faced 6 liquidations in 3 days, losing nearly $10 million. The largest loss was from a $3.37 million ETHUSDT trade on Binance. Nevertheless, Qwatio is not giving up: he recently deposited $4.5 million USDC and is once again going long on BTC and ETH.
Qwatio's story illustrates the extremes of potential profits and sharp losses in the high-risk world of cryptocurrency, highlighting the volatility of trading strategies and the importance of caution in financial markets.
