Bitcoin and altcoins have experienced heavy selling pressure last week and prices have seen pullbacks.
BTC dropped to $25,000 while Ethereum dropped to $1,550.
In this decline, investors were reversed and the long position exceeding 1 billion dollars was liquidated.
Some investors also opened a long position, thinking that the prices would rise after the fall, but it did not turn out as they expected.
One of these investors was the famous cryptocurrency bull Andrew Kang.
According to Lookonchain's post, Andrew Kang opened a long position in BTC, ETH and Arbitrum (ARB) in the last three days after the market crash.
Using high leverage of 100x in these positions, Kang was liquidated 14 times in total and lost about $432,000 in just one day.
“Andrew Kang opened a long position on BTC, ETH and ARB after the market crash on August 18.
However, he was liquidated for using up to 100x leverage on every long position.
He was liquidated 14 times in total and lost about $432,000 in just 1 day.”
Lookonchain warns traders of high leverage rates, “High leverage is a very dangerous trading behavior, please trade with low leverage.” said.
Looking at Andrew Kang's trades, he has an active long position on ARB with 51.3x.
*Not investment advice.