This Trader Reportedly ‘Lost It All, $12M Gone Forever’ After Going ‘All In’ On Ethereum
By Benzinga
In a dramatic series of events, pseudonymous crypto enthusiast Miya revealed a high-risk bet on Ethereum (CRYPTO: ETH) that he got liquidated on.
What Happened: Miya announced to his followers that he had gone “All In” on Ethereum, investing $10 million based on a detailed analysis of market conditions and anticipated events. He outlined his reasoning, asserting that the market was primed for a positive trend before Grayscale outflows started.
He noted several positive catalysts for Ethereum, such as, fear of Germany’s Bitcoin dump seeming priced in, expectations of OTC trades benefitting all parties and the anticipated U.S. Presidential debate featuring crypto discussions and likely S-1 approvals to spur market enthusiasm. This, the trader asserted, creates the potential for a buying spree.
While Miya firmly believed the potential rewards of investing an additional $10 million in Ethereum, within a short span, his high-stakes gamble resulted in total financial ruin. He tweeted a follow-up that starkly contrasted his previous confidence:
“I lost it all. $12 million – my whole net worth: Gone forever. I should have never touched leverage; this was a huge mistake.”
While the tweet or the investment cannot be independently confirmed, the trader has not tweeted since this announcement.
Why It Matters: Miya’s story illustrates the extreme volatility and emotional rollercoaster that characterizes leverage trading in the crypto market.
He noted the risks of leveraged trading and emotional and personal costs while trading at such high levels. However, the trader underestimated the importance of risk management which includes exercising caution when considering leveraged trades, no matter how favorable market conditions might appear.
Miya’s rapid transition from high-stakes hopefulness to complete financial and personal collapse serves as a powerful illustration of the extreme risks in the volatile crypto market.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Why Bitcoin, Ethereum Will Be Climbing A ‘Wall Of Worry’ In The Coming Weeks
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
