Crypto Trader Scores $4 Million Profit Despite ETH Price Drop

Ethereum’s price experienced a significant drop on August 18, falling nearly 4% from its intraday high of $4,554 to around $4,260. This decline, triggered by market uncertainty and whale activity, was closely followed by a dramatic sell-off by trader 0x8062 who swiftly liquidated $9.57 million worth of ETH at an average price of $4,203 due to fear of further losses. Despite incurring substantial on-chain slippage, the trader still managed to reap a hefty $4.04 million profit. This dramatic move highlights the high-risk nature of trading in volatile markets like cryptocurrency.