Beyond the $1.1 million unrealized profit, the trader earned over $680,000 worth of funding fees on his short position, ripe for liquidation above $4,750.
A cryptocurrency trader is up over $1.1 million on an Ether position within two days after strategically positioning for the current crypto market correction.
A savvy crypto trader generated over $1.1 million worth of profit on his Ether (ETH) short position, which involves “borrowing” the underlying cryptocurrency from a broker, selling it at the current price, and then repurchasing it once the price falls — a strategy used by traders to bet on the price decline of an asset.
The trader opened the 50x leveraged short position when Ether was trading at $3,428, shorting a total of 19,186 Ether worth over $64.5 million as of 10:56 am in UTC on Dec. 26, according to blockchain data from Hypurrscan.
