A Cryptocurrency Wallet Lost $640K in 7 Altcoins Amid Bitcoin’s Sudden Drop

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A Cryptocurrency Wallet Lost $640K in 7 Altcoins Amid Bitcoin’s Sudden Drop

According to data from SpotOnChain, a cryptocurrency wallet that was once a successful trader has suffered huge losses in the recent dip in Bitcoin and the overall cryptocurrency market.

The wallet, identified with the address 0x160a8d28d63961297e51e4f1a0401bf4d27f5162, closed seven positions at losses during the market crash two days ago, losing a total of $640.9k from six of them. The positions were in various tokens such as ARB, X2Y2, PEPE, STG, FXS, RPL and OP.

According to the data, this wallet was once a smart trader who earned $625.5k from LDO from August 2022 to March 2023. However, it started to perform poorly after losing $3.8 million on a long ETH position that was liquidated in the market crash last June.

The wallet has not stopped trading, however. It recently reopened a long ETH position at $1,608 and is currently gaining $283k at the time of this writing.

Here is a summary of the profits and losses the wallet has made so far:

  • ETH: $-3.8M (-69%) – long ETH position on GMX liquidated on June 15 (previous market crash)
  • ARB: $-557K (-32.8%) – closed two days ago
  • X2Y2: $226K (-58.2%) – closed two days ago
  • PEPE: $-76.4K (-32.3%) – closed two days ago
  • STG: $-74.4K (-29.8%) – closed two days ago
  • FXS: $67.5K (-27%) – closed two days ago
  • RPL: $-48.7K (-19.5%) – closed two days ago
  • OP: $46.6K (-10%) – closed two days ago
  • SYN: +230K dollars (+21%) – closed two days ago
  • LDO: +625.5K dollars (+11.7%)

*Not investment advice.


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