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Market U-Turn Leaves Crypto Gambler $334M Poorer in 3-Hour Crash
In a stunning display of market volatility, a crypto trader has suffered a staggering loss of $334 million in just three hours as Bitcoin’s explosive rise past $123,000 wreaked havoc on short sellers. The implosion, which occurred at approximately 4:30 AM UTC yesterday morning, is one of the most dramatic liquidations in recent memory.
The unlucky trader, known only by their handle @qwatio on X, had been aggressively betting against the market’s upward momentum. According to data from Lookonchain, this gambler began their downward spiral days earlier when an initial short position backfired, wiping out $16.28 million in USDC.
Undeterred, the trader doubled down with a fresh top-up of $10 million and resumed their risky strategy, only to be met with catastrophic consequences. In an astonishing turn of events, Bitcoin’s rally exceeded all expectations, soaring past $123,000 as the total crypto market cap ballooned to over $3.9 trillion.
This drastic reversal in fortune unfolded in a span of mere minutes, leaving the trader reeling from a $334 million loss across their various positions. The calamity was not limited to a single player; numerous other traders and hedge funds suffered significant losses as Bitcoin’s meteoric rise decimated shorts, resulting in industry-wide carnage with liquidations exceeding $730 million.
On the flip side, opportunistic investors such as AguilaTrades were able to capitalize on the chaos, transforming a pre-crash deficit of $35 million into a staggering profit of $2.3 million by means of a perfectly timed long position. The crypto market’s penchant for unpredictability was highlighted as the rally was reportedly driven by Trump’s newly announced 30% tariffs on the EU and Mexico, in tandem with institutional demand from ETF inflows.
As the dust settles, investors are left grappling with the gravity of this unexpected event.
Source: cryptopotato.com
