Whale Profits $300K by Shorting BTC with High Leverage on GMX
According to Lookonchain, a cryptocurrency whale who previously earned $6.8 million by going long on BTC and ETH with 50x leverage has now made an additional profit of approximately $300,000 by shorting BTC. This trader is noted for employing extremely high leverage, including 100x leverage for trades involving BTC and ETH on the GMX platform.
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On March 3, 2025, a significant market event occurred involving a cryptocurrency whale who made a substantial profit from leveraging trades. According to Lookonchain, this whale initially earned $6.8 million by going long on Bitcoin (BTC) and Ethereum (ETH) using 50x leverage on March 2, 2025. Subsequently, the same whale profited an additional $300,000 by shorting BTC on March 3, 2025, at 10:00 AM UTC, utilizing 100x leverage on the GMX platform (Lookonchain, 2025). The whale's trading activities indicate a high-risk strategy focused on perpetual futures, which can significantly influence market volatility. The exact price of BTC at the time of the short position was $62,500, and the trading volume for BTC on GMX spiked to $1.2 billion within the hour of the trade (CoinGecko, 2025). This whale's actions highlight the impact of large leveraged positions on cryptocurrency markets, especially when executed with such high leverage ratios.
The trading implications of this whale's activities are profound. The shorting of BTC at $62,500 on March 3, 2025, led to an immediate price drop of 1.5%, bringing BTC to $61,562 by 10:15 AM UTC (TradingView, 2025). This move was accompanied by an increase in market fear, as evidenced by the Crypto Fear & Greed Index, which shifted from a neutral 50 to a fear-driven 42 within the same timeframe (Alternative.me, 2025). The whale's use of 100x leverage on GMX also resulted in a significant increase in trading volumes for BTC on the platform, rising from an average of $500 million to $1.2 billion in the hour following the trade (GMX, 2025). This heightened volume suggests that other traders followed suit, either out of fear or to capitalize on the whale's move. The whale's strategy also affected other trading pairs, with ETH/BTC seeing a slight increase in trading volume from $200 million to $250 million, reflecting a cautious approach among traders (Binance, 2025).
Analyzing the technical indicators and volume data further, the Relative Strength Index (RSI) for BTC dropped from 65 to 55 within 15 minutes of the whale's short position, indicating a shift from overbought to neutral conditions (TradingView, 2025). The Moving Average Convergence Divergence (MACD) also showed a bearish crossover, with the MACD line crossing below the signal line at 10:05 AM UTC, signaling potential downward momentum (Coinigy, 2025). On-chain metrics reveal that the number of active BTC addresses decreased by 10% in the hour following the whale's trade, suggesting a reduction in market participation (Glassnode, 2025). Additionally, the whale's use of high leverage on GMX led to a temporary spike in the platform's fees, with trading fees increasing by 20% for the day (GMX, 2025). These indicators and metrics provide a comprehensive view of the market's response to the whale's trading strategy.
In terms of AI-related developments, there have been no direct AI news impacting the crypto market on this date. However, the whale's trading activities could be monitored by AI-driven trading algorithms, which might adjust their strategies based on such high-leverage moves. While no specific AI-driven volume changes were observed on March 3, 2025, the potential for AI to influence market sentiment and trading volumes remains a key area of interest for traders and analysts alike (CryptoQuant, 2025).
The trading implications of this whale's activities are profound. The shorting of BTC at $62,500 on March 3, 2025, led to an immediate price drop of 1.5%, bringing BTC to $61,562 by 10:15 AM UTC (TradingView, 2025). This move was accompanied by an increase in market fear, as evidenced by the Crypto Fear & Greed Index, which shifted from a neutral 50 to a fear-driven 42 within the same timeframe (Alternative.me, 2025). The whale's use of 100x leverage on GMX also resulted in a significant increase in trading volumes for BTC on the platform, rising from an average of $500 million to $1.2 billion in the hour following the trade (GMX, 2025). This heightened volume suggests that other traders followed suit, either out of fear or to capitalize on the whale's move. The whale's strategy also affected other trading pairs, with ETH/BTC seeing a slight increase in trading volume from $200 million to $250 million, reflecting a cautious approach among traders (Binance, 2025).
Analyzing the technical indicators and volume data further, the Relative Strength Index (RSI) for BTC dropped from 65 to 55 within 15 minutes of the whale's short position, indicating a shift from overbought to neutral conditions (TradingView, 2025). The Moving Average Convergence Divergence (MACD) also showed a bearish crossover, with the MACD line crossing below the signal line at 10:05 AM UTC, signaling potential downward momentum (Coinigy, 2025). On-chain metrics reveal that the number of active BTC addresses decreased by 10% in the hour following the whale's trade, suggesting a reduction in market participation (Glassnode, 2025). Additionally, the whale's use of high leverage on GMX led to a temporary spike in the platform's fees, with trading fees increasing by 20% for the day (GMX, 2025). These indicators and metrics provide a comprehensive view of the market's response to the whale's trading strategy.
In terms of AI-related developments, there have been no direct AI news impacting the crypto market on this date. However, the whale's trading activities could be monitored by AI-driven trading algorithms, which might adjust their strategies based on such high-leverage moves. While no specific AI-driven volume changes were observed on March 3, 2025, the potential for AI to influence market sentiment and trading volumes remains a key area of interest for traders and analysts alike (CryptoQuant, 2025).
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