ETH Pullback Causes Major Profit Reversal for Machi, Liquidation Risk Intensifies

A small pullback in ETH has basically wiped out the profits Machi made from his leveraged long position on ETH this time. Now, the ETH price is only $42 away from his liquidation price. He used $500K to start leveraging long on ETH from $2,840. When ETH hit $3,200 the day before yesterday, his $500K had turned into $3.34M. While leveraging amplified his gains, it also raised his liquidation price to $3,000. As a result, early this morning, ETH pulled back and dropped below $3,000, triggering two liquidations on his position. The value of his position has fallen from $3.34M to the current $730K, and the profits from this long position have basically been wiped out. The remaining position is now just $42 away from the liquidation price. https://hyperbot.network/trader/0x020ca66c30bec2c4fe3861a94e4db4a498a35872 --------------------------------------------------------- ｜Bitget VIP, lower fees, bigger perks