A major cryptocurrency investor, identified by the address starting with 0x7c9, has experienced substantial losses in a hedging strategy. According to ChainCatcher, the investor's portfolio suffered a dual loss, resulting in a capital drawdown exceeding $500,000. The current net value of the account stands at approximately $1.88 million, with a total position size of $14.07 million.
Previously, the investor had heavily invested around $8 million in long positions on GOLD and SILVR contracts, which are gold and silver mapping contracts, respectively. Additionally, the investor held a short position worth about $6 million, covering 102 cryptocurrencies, including major ones like BTC and ETH, as well as various altcoins. This strategy aimed to hedge against extreme market risks.
However, the market movements diverged from the investor's expectations. Precious metals declined during the day, while the cryptocurrency market showed signs of recovery. This resulted in pressure on both long and short positions, leading to the erasure of previous floating profits.