Two crypto traders have absorbed tens of millions of dollars in losses this month amid a marketwide correction.
Data from the on-chain tracking platform Lookonchain shows that a trader owning the 0xa523 wallet got wiped out today as Ethereum (ETH) plunged below $4,000.
Ethereum dropped to $3,960 before ETH bulls pushed the coin above $4,000 again.
“The biggest loser, 0xa523, just got WIPED.
His entire 9,152 ETH ($36.4 million) long position was fully liquidated.
His total losses now exceed $45.3 million, leaving him with less than $500,000 in his account.”
Meanwhile, a trader known as Machi Big Brother lost $30 million in less than a week. The trader became popular in crypto circles after managing to grow his trading account from zero to $42.6 million in just four months.
According to Lookonchain, his profits now stand at $11.6 million.
To avoid liquidation, the trader topped up his trading account with the stablecoin USDC.
“Due to the market drop, Machi Big Brother’s long positions on ETH and PUMP are down over $21.77 million now.
He deposited 4.72 million USDC into Hyperliquid in the past two hours to avoid liquidation.”
The past few days have been brutal to traders who predicted that the market will soar to greater heights. Data from Coinglass shows that $1.65 billion worth of long positions were liquidated on September 22nd alone. And in the past 24 hours, 130,277 traders were liquidated, with total liquidations coming in at $410.34 million.
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