A skilled gambler who previously deposited hundreds of thousands of dollars into cryptocasinos Stake and Roobet liquidated on HyperLiquid over the weekend, losing $5.5 million after going short before Sunday’s bounce with a series of leveraged positions worth $168 million.
The trader shorted bitcoin , and zcash as well as having minor positions in ASTER, BNB and RESOLV.
The bearish traders came after several tokens fell to multi-month lows on Friday as crypto’s fear and greed index began flashing “extreme fear”.
The losses did not faze the trader, who effectively doubled the position by shorting bitcoin and ether with $115 million worth of positions on decentralized exchange GMX shortly after being liquidated.
These positions are still open, with unrealized profits of $1.4 million at the time of writing.
The use of high leverage and general impulsiveness of the trader is reminiscent of James Wynn, a pseudonymous trader who famously lost $100 million earlier this year after opening a series of long positions on bitcoin at the top.
Bitcoin is currently trading at $94,100 having already given back most of the gains from Sunday’s rally.
