A clever crypto trader has recently drawn the community’s attention by restarting Ethereum ($ETH) long position. As per the data from Lookonchain, the trader has restarted a huge 15K $ETH long position with 25x leverage after making significant profit. The on-chain analytics provider took to social media to provide insights into this noteworthy event.
Crypto Trader Again Opens $ETH Long Position after Realizing Huge Profit
The market data reveals that the trader has already gained a huge $1.1M in terms of profit only 3 days back. Hence, restarting an $ETH long position denotes the trader’s rekindled confidence in Ethereum ($ETH). In this respect, the position accounts for 15,000 $ETH, equaling $38.57M in total. The trader has placed a large bet by specifying 25x leverage.
This indicates the trader’s robust confidence in a potential near-term price upside of Ethereum ($ETH). The trader’s $ETH position has been placed only a few hours ago, while $2,441.9 is the liquidation price for it. This highlights the high-reward and high-risk nature of the respective trade.
Large Bet Underscores Strong Belief in Potential Price Upturn
According to Lookonchain’s data, the trader initially added $2.6M $USDC tokens and extracted the respective figure to Arbitrum. Subsequently, the trader moved on to start the $ETH long position. In this respect, the trader has a staggering $57,007 in realized profit, although this has incurred a $1,930 in terms of funding fees. While the trader has started such a big $ETH position, the market onlookers will be looking at the outcome of this bet while considering former success.
