Andrew Kang, one of Cryptocurrency’s world’s most famous traders, made a new move in the recently opened long position in Bitcoin, according to Onchain Data.
Kang opened a 40x longer position on $100 million worth of Bitcoin on April 9, following a statement from President Donald Trump that it was a “good time to buy.”
Bitcoin is on the rise and has traded for over $85,000 at the time of writing.
In today’s move, traders have doubled their positions and hold a $200 million BTC long position with 40x leverage. Kang’s current position has an average entry level of $82,076, with unrealized profit of $7.7 million. Kang has paid a $115,000 funding fee so far.
If the price of Bitcoin drops to $83,410, the can will be liquidated.
Kang’s location at 0xBB876071A63BC4D9BFCF46B012B4437EA7FF4281 can be tracked via this link.
Meanwhile, when Kang’s other positions on decentralized cryptocurrency exchange lipids are examined, it turns out he has a short position of Ethereum worth $6.7 million at 25x. Kang has lost $370,000 from this position so far and has paid a $24 funding fee.
The trader also has another position in Ena (ENA). Kang has taken a 10x longer position in the ENA, earning $1,18,000 so far, and has paid a funding fee of $399.
However, it is important to remember that leveraged trading is extremely dangerous and that when cryptocurrency is at high risk, losses including the entire principal are inevitable.
*This is not investment advice.
