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Here's How This Whale Made $5 Million Overnight on Silvergate Plunge

Fri, 03/03/2023 - 10:38
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Arman Shirinyan
Anonymous trader made $5 million in one night through professional shorting of cryptocurrencies, outperforming 99% of market
Here's How This Whale Made $5 Million Overnight on Silvergate Plunge
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An anonymous whale made $5 million overnight by shorting the right assets on the right platforms, outperforming 99% of traders on the market. The whale had shorts opened on GMX platforms on Polygon and Arbitrum chains, shorting Ethereum, Bitcoin and Matic.

The whale's biggest position currently is a WETH/USDC short with $1.3 million in profit, and no positions have been closed yet. However, the whale reportedly still holds a considerable amount of BTC and Ethereum in addition to their opened short positions.

Source: Debank

Shorting refers to the act of borrowing an asset and selling it with the expectation that the price will decrease, allowing the borrower to buy back the asset at a lower price and return it to the lender, profiting from the difference. Professional traders who short assets often have extensive knowledge of the market and access to advanced trading tools that enable them to make informed decisions and maximize profits.

It is worth noting that shorting can be risky, as the price of an asset can rise unexpectedly, resulting in significant losses. However, the anonymous whale in this case seems to have made some shrewd moves, resulting in substantial profits.

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The whale's success might be the result of teamwork, as large wallets are often managed by numerous traders. It is possible that the whale had access to insider information or used sophisticated trading algorithms to inform their decisions. Alternatively, they may have simply been lucky with their timing and market predictions.

Regardless of the reason for their success, the anonymous whale's story serves as a reminder that the cryptocurrency market can be unpredictable and volatile. Traders should always do their due diligence and understand the risks involved before making any investment decisions.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.