A trader on decentralized derivatives Exchange Hyperliquid has made an unrealized profit of $ 10 million for a loss of $ 2.5 million, apparently trapped by the same trap that stumbled a person who used the alias James Wynn who blasted a $ 100 million account in May after Bitcoin
dropped 4% from Monday’s high.
The trader, known as Aguilatrades on X, entered a Bitcoin -Lang position for $ 106,000, and sat through at Monday’s height of $ 108,800, before the largest cryptocurrency took a tumble to trade recently about $ 104,000.
Bitcoin -Volatility has been relatively low for months with the price between the $ 100,000 level of support and record heights about $ 110,000. It does not have disturbed derivatives dealers who are constantly betting on the upside with leverage and then being chopped in a tight interval.
This is not the first time Aguilatrades has registered a losing trade on these levels. Last week, they rose $ 5.8 million on a BTC long before they lost $ 12.5 million, according to Lookonchain.
On paper, trade has credentials because BTC has managed to remain over $ 100,000 despite escalating conflict in the Middle East, which is typically a catalyst for disadvantage in risk assets.
However, remaining agnostic for price action in this interval and merely buying support and selling resistance would have yielded much greater results. Bitcoin has traded within this interval since May 9 with several attempts to break support and resistance along the way.
