As the cryptocurrency market remained in choppy consolidation over the past few months through July 14, a crypto trader on Aster DEX (Decentralized Exchange) made more than 800% in profit in a month.
The trader (0x89c3…A013) deposited $1 million into Aster DEX on June 18, opened a short position in Yooldo (ESPORT), and made over $9 million, according to on-chain data from AsterDEX explorer. As such, the crypto trader returned about 806%.
Although the ESPORT/$USDT leverage crypto trading is still open, the trader has already withdrawn the initial capital of $1 million from Aster. Meanwhile, the trader has partially closed the position, realizing a profit of $4.28 million.
At press time, the trader was betting on a further ESPORT price selloff. Amid the macro crypto sell-off, the crypto trader has 137.73 million in $ESPORTS, valued at about $1.95 million, in short positions.
With the ESPORT price having declined by over 98% since mid-May, the crypto trader is currently holding about $4.77 million in unrealized profit. At press time, the token traded at about $0.01416, thus a market capitalization of approximately $8.94 million.
Crypto trader makes a fortune with 1x leverage
The trader used a 1x in ESPORT/$USDT to make a profit of more than $8 million on Aster DEX. With conservative leverage crypto trading, the investor predicted a decline in ESPORT amid the wider crypto selloff.
Having opened the ESPORT short position at about $0.05, the trade has more room for volatility. As such, the trader could make more profit if the token continues to decline while still avoiding potential forced liquidation due to higher leverage crypto trading.