A daring try to revenue from the most recent crypto pullback has become one of many month’s most painful buying and selling missteps.
On-chain trackers from HyperInsight revealed {that a} pockets often called Iron Head Air Pressure – starting with 0x880ac – has seen greater than $10.4 million evaporate in seven days.
The account has been stacking brief positions throughout a number of main tokens, solely to be caught on the fallacious facet of a sudden market rebound.
Essentially the most punishing loss comes from PUMP, the place the whale opened positions close to $0.0033. With costs climbing, that commerce alone now sits at almost $12.9 million within the crimson. Further shorts embody a $30 million guess towards Solana, $12.5 million towards Bitcoin, and smaller wagers focusing on Chainlink, Bitcoin Money, and Litecoin. Collectively, the portfolio has develop into a showcase of how shortly aggressive leverage can backfire when momentum shifts.
Reverse methods, reverse outcomes
Whereas one whale drowns in crimson, others are thriving. Ethena’s ENA token surged greater than 13% previously 24 hours following information of an expanded buyback plan. One other massive holder – tackle 0x6b7…c5e9c – went lengthy as a substitute, stacking 5x leveraged ENA positions that returned a tidy $3.1 million revenue.
The larger lesson
The distinction between these two whales underscores the high-stakes actuality of right this moment’s crypto markets: a single determination to lean lengthy or brief could make or break fortunes in days. For Iron Head Air Pressure, the previous week is a brutal reminder that betting towards surging altcoins might be simply as harmful as chasing them.
