Trader Liquidated Eight Times In A Week

An unlucky trader was liquidated eight times in the last week, according to blockchain analytics service Lookonchain. 

The trader, under the handle qwatio, saw a total loss of $12.5 million. In the latest liquidation on Monday, Lookonchain said qwatio was partially liquidated for an Ether (ETH) position that was leveraged by 25X.

A new liquidation price was set for $2,534, and Ether has been drifting between $2,425 and $2,519 in the last 24 hours. 

The Bitcoin position suffered a similar fate and was partially liquidated, with a new liquidation price set at $109,170. 

Only days before, on Thursday, Lookonchain said qwatio had been liquidated six times in just three days, losing $10 million in total at that point.

Down after previously making a profit 

Qwatio previously managed to net a profit in March after going long on Ether and Bitcoin with 50x leverage right before US President Donald Trump announced the executive order to create a crypto reserve, netting $6.8 million in profit. 

In another trade during March, qwatio also opened a $3.46 million position with 50x leverage on US First Lady Melania Trump’s memecoin MELANIA and successfully defended a Bitcoin position leveraged 40x by adding more margin after whale hunters tried to liquidate it. 

James Wynn opens 40X leveraged Bitcoin short

Meanwhile, multimillionaire crypto trader James Wynn — who famously lost $1 billion on risky trades — has also opened a small short Bitcoin position.

Lookonchain said in an X post on Sunday that Wynn was back with a 40x leveraged Bitcoin (BTC) short position of just $37,000 and a liquidation price of $108,630, which could have potentially netted him $1.49 million if it paid off.  

Later that same day, Wynn flipped his position when Bitcoin was at $107,250, closing the short and instead going long for $44,466. Bitcoin has been drifting between $107,228 and $108,771 in the last 24 hours. 

Wynn is known for making significant bets on crypto; he was liquidated for almost $100 million in late May and again for $25 million on June 4. 

He may have also been responsible for a $300 million leveraged Bitcoin bet on June 10 under an anonymous account to avoid whale hunters, whom he claimed were trying to liquidate his positions. 

Related: Hyperliquid trader James Wynn goes ‘all-in’ on $1.25B Bitcoin Long

Another trader cashes in, too 

Another little-known crypto trader recently had some success trading crypto as well after turning $6,800 into $1.5 million in profit while accounting for over 3% of maker-side liquidity on a major crypto exchange. 

Over two weeks, the account recorded a trading volume of $1.4 billion and consistently ranked among the top contributors to the exchange’s total maker volume.

Magazine: Bitcoin $110K ‘bull trap’ concerns, James Wynn loses $25M BTC: Hodler’s Digest, June 1 – 7