Coin Edition -
- Arkham identifies top GMX traders placing high-risk leverage contracts.
- Andrew Kang incurs a $567k loss on GMX after liquidating the BTC/ETH pair.
- Previously, Kang executed $2 million short orders for ETH and earned 70% profit.
While many people have been following the trading activities of Andrew Kang, a well-known crypto futures trader on the decentralized exchange GMX, Arkham, a market intelligence firm, thinks that there are other traders on the platform who are also worth watching.
On Friday, the crypto intelligence firm released a screenshot identifying the top 10 traders on GMX by volume in the past month. One of these traders, identified as 0xe20, placed multiple short positions yesterday, April 27, with extraordinary leverages between 40 to 50x.
gmWe've all been watching Andrew Kang trade on GMX, but what about other traders on the platform?Check below for an Arkham Entity containing the Top 10 GMX Traders by volume in the past month.One of these, 0xe20, placed multiple 40-50x leverage shorts yesterday! pic.twitter.com/wZCjSUq0gB— Arkham (@ArkhamIntel) April 28, 2023
This incredibly bold move with the high-risk leverage contract suggests that some traders are betting on further declines in the crypto market after Bitcoin (BTC) only gained about $2k within the past few days.
On Thursday, the Bitcoin and Ethereum (ETH) long position of Andrew Kang on the GMX trading platform was liquidated, incurring a loss of approximately $567k. A market tracking platform revealed that the trader had used extraordinary leverage of 41x.
The BTC/ETH long position of Andrew Kang(@Rewkang) on #GMX was liquidated yesterday and lost ~$567K.He used up to 41x leverage!https://t.co/UCgIboyQCT pic.twitter.com/MK1XnbJole— Lookonchain (@lookonchain) April 28, 2023
Previously, Kang executed $2 million short orders for ETH and BTC on the GMX platform, with a 13x leverage. He reportedly made a profit of $1.5 million, representing a gain of 70%, since opening the position within a week. Shortly after that, he wrote on his wall:Sometimes you’re bearish, but then you realize the market is about to hurt bears, so you gotta switch teams and jump in and add fuel to the fire.
Notably, most cryptocurrencies except Bitcoin have remained in the red zones since last week. BTC, however, has recovered slightly in the past 24 hours.
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