Traders bet on BTC pump three times, accumulating a loss of 29.1 million USD.

Recently, a well-known trader has suffered significant losses in the Bitcoin market. According to on-chain data, this trader bet on a Bitcoin rise three times in a short period, but each time faced a market reversal, resulting in a staggering total loss of 29.1 million dollars.

The trader's first attempt was to open a long position of up to $434 million. However, the Bitcoin price then experienced a pullback of over $4000, forcing the trader to close the position and resulting in a loss of $12.48 million.

Unwilling to accept defeat, the trader quickly opened a second long position worth $420 million. Unfortunately, the market reversed again, and the Bitcoin price fell by more than $4,000 once more. This trade ultimately ended with a loss of $2.94 million.

Despite suffering significant losses, the trader decided to make a third attempt. He opened a long position of $424 million once again. However, the market does not seem to be on his side. As of now, Bitcoin has retraced more than $4,000 again, resulting in the trader currently facing an unrealized loss of $13.68 million.

This series of failed transactions highlights the high volatility and risks of the cryptocurrency market. Even experienced traders can suffer significant losses in a short period, which serves as a reminder for investors to be cautious in this rapidly changing market.