According to blockchain analytics firm Lookonchain, Qwatio opened $55 million worth of Bitcoin (BTC), $36 million worth of Ethereum, and $7.3 million worth of Fartcoin positions. All of these positions were short. However, the market’s sharp rise quickly liquidated the trader’s positions associated with wallet code 0x916E. 

Detailed Losses According to Lookonchain Data 

Lookonchain revealed that Qwatio first lost 16.28 million USDC. Then, to increase his leveraged position, he deposited another 10 million USDC to Hyperliquid. Yet, the rise in Bitcoin and Ethereum prices turned his short-selling strategy into a disaster. 

Gambler @qwatio's massive short positions worth $334M were fully liquidated in just 3 hours, including: 1,743 $BTC ($211M), 33,743 $ETH ($102.3M), and 15M $FARTCOIN ($20.6M).

His wallet (0x916E) is now down nearly $25.84M in total losses. https://t.co/RwVCmLe4rK pic.twitter.com/Ed1jXyaYEY

— Lookonchain (@lookonchain) July 14, 2025

Qwatio’s total $334 million short position was liquidated within just 3 hours. The liquidations included 1,743 Bitcoins valued at $211 million, 33,743 Ethereum worth $102.3 million, and 15 million Fartcoins worth $20.6 million. These liquidations resulted in a total loss of $25.8 million. 

Crypto analytics platform EmberCN highlighted that the trader’s previous $26 million profit was nearly wiped out by these two short positions. 

Profits During Trump Era and Subsequent Decline 

Qwatio’s success started with “long” trades opened before former US President Donald Trump’s “crypto reserve” announcement in March 2025. During this period, the trader earned $6.8 million and made another $3.5 million from MELANIA coin. 

However, at the end of June, he experienced 8 liquidations, losing $12.5 million. With the recent loss, his total losses have approached $38 million. 

Other Leveraged Traders Also Impacted 

Bitcoin’s rapid rise affected not only Qwatio but many traders with short positions. Approximately $600 million worth of leveraged positions were liquidated in the last 24 hours. 

One of them was James Wynn. Wynn opened a short position betting Bitcoin would fall but lost his entire $100 million investment. This highlights the risks traders face when using high leverage in volatile markets. 

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As of May 2025, the total cryptocurrency market value has surpassed $3.3 trillion. Bitcoin’s price soared to $106,000, while Ethereum and other altcoins also experienced strong gains. This momentum signals the start of a new era in the crypto market.  

In particular, the return of institutional investors has bolstered the market’s strength. U.S.-based crypto investment funds, after recording approximately $7 billion in outflows in February and March, have seen inflows exceeding $7.5 billion since the start of the year. Last week alone, $785 million in investments flowed in, marking five consecutive weeks of net positive inflows. Additionally, significant activity was observed in Bitcoin and Ethereum ETF products. Bitcoin products attracted $557 million in inflows last week, while Ethereum ETFs saw $205 million, the highest since March. In May alone, these ETFs drew $2.64 billion in investments.  

Notably, the U.S. decision to establish a “strategic Bitcoin reserve” has significantly strengthened the market. This move has positioned digital assets on par with traditional reserve policies. Furthermore, regulatory developments in the stablecoin market are boosting investor confidence.  

Investors and Crypto Market Movements  

Recent geographic distribution trends are also noteworthy. The U.S. recorded $681 million in investment inflows, Germany saw $86.3 million, and Hong Kong attracted $24.4 million, its highest since November 2024. However, some exchanges experienced outflows. On May 13, Coinbase recorded a withdrawal of 9,739 Bitcoin (approximately $1 billion), marking the largest net exchange outflow in 2025. This suggests growing institutional appetite for long-term asset holdings.  

Additionally, the rise of ETFs in the crypto market highlights investors’ increasing demand for liquidity and transparency. The $2.64 billion in ETF investments in May underscores sustained institutional interest.  

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