A cryptocurrency trader who made a 100% profit totaling over $3,2 million took a major bullish position on Ethereum (ETH).
According to Lookonchain, the trader opened a long position with 4x leverage worth $35 million, equivalent to 9082 ETH at an entry price of $3875.
Despite a small unrealized loss of around $112,619 (-1,28%), the trader remains fully committed to a 100% long position in Ethereum.
Judging by his transaction history, his trading statistics reflect an impressive profit streak. In October alone, the trader made several six-figure profits, including $1,14 million on a long ETH position and another $1,38 million on a long Bitcoin (BTC) position.
New rate on Ethereum opened at the moment of the crypto market correction, when the price of ETH exactly follows the downward dynamics of the volatile Bitcoin.
In addition, the outflow of funds from Ethereum-ETF slowed down, but did not stop, and it is precisely institutional capital that fuels the growth of quotes.
The trader may be counting on the excitement surrounding the upcoming Fusaka update, scheduled for December 3rd, which is expected to double Layer 2 throughput and reduce fees by 40%. It’s worth noting that the momentum generated by the update has long since faded.