A degen player who previously deposited hundreds of thousands of dollars at crypto casinos Stake and Roobet was liquidated on HyperLiquid over the weekend, losing $5.5 million after shorting before Sunday’s bounce with a series of leveraged positions worth $168 million.
Trader shorted bitcoin , and zcash in addition to having smaller positions in ASTER, BNB and RESOLV.
The bearish trades came after several tokens fell to multi-month lows on Friday as the Crypto Fear and Greed Index began showing “extreme fear.”
The losses did not faze the trader, who effectively doubled the position by shorting bitcoin and ether with positions worth $115 million on the GMX decentralized exchange shortly after being liquidated.
Those positions are still open, with unrealized profits of $1.4 million at the time of writing.
The trader’s use of high leverage and general impulsiveness is reminiscent of James Wynn, a pseudonymous trader who lost $100 million earlier this year after opening a series of long bitcoin positions at the top.
Bitcoin is currently trading at $94,100, having already recouped most of the gains from Sunday’s rally.
