A lone trader lost more than $11 million on a single futures trade involving Theta Networks’ THETA token as the price jumped 18% in 24 hours.
The trade, among the largest for mid-cap cryptos in recent months, occurred on crypto exchange Binance and formed the largest part of the $11.67 million in liquidations on THETA futures. Usually, the largest liquidations occur on futures tracking bitcoin (BTC) or ether (EYT), the two most-traded cryptocurrencies.
Of the $11.67 million in liquidation losses to THETA futures traders, one person was short $11.08 million of THETA, meaning that person was betting the token's price would drop, data from analytics service Coinglass show. The position was liquidated as prices jumped 18% from Monday’s lows of $2.73.
