An unknown single trader, or a trading entity, lost $55 million on an ether trade against binance usd (BUSD) on crypto exchange Binance as crypto markets plunged suddenly late on Thursday, data shows. The position was made up of 38,986.528 ether (ETH) and liquidated at the $1,434 price level. That was nearly 30% of all liquidated futures on Binance, the data shows. The unusual amount for a single trader suggests a large firm, or a large ether holder, was hit hard in yesterday’s steep drop. Ether dropped from $1,780 to as low as $1,560 within minutes, with trading volume surging from $6 billion to over $20 billion across exchanges.
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