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Aug 15, 2023XRP Trader Made Millions Today Thanks to This 'De
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Pseudonymous trader who goes by @DefiSquared, the most successful trader on the Bybit exchange and the top wallet of DeBank, shared the story of one insane opportunity that happened today amid the cryptocurrency carnage.
Trader @DefiSquared managed to make "seven figures" thanks to a mysterious imbalance in XRP pairs on Bybit. Today, Aug. 18, 2023, the prices between coin-margined and USDT-margined XRP-based derivatives on Bybit were trading with 45% difference. This created an amazing arbitrage opportunity explored by the trader.
For anyone curious, the arb today was between the XRPUSD and XRPUSDT contracts on Bybit. A 45% discount occurred that closed after 10-20 minutes.Most likely, algo market makers ran out of spot XRP needed for the coin margined contract amidst the large liquidations that occurred https://t.co/58RI9y1IHs pic.twitter.com/CpEiPFwAPQ
The dicsount "window" only lasted for 10-20 minutes. It might have happened due to large and unpredictable liquidations of XRP traders' positions.
As explained by the trader, algorithmically backed market-makers faced a shortage of spot XRP cryptocurrency needed for coin-margined derivatives trading.
Their colleagues who were trading USDT-margined contracts were not affected by the issue.
Just like all major altcoins, XRP is badly affected by the ongoing panic-driven sell-off. In almost no time, the token plunged from $0.57 to $0.47, losing over 17.5% of its value.
The collapse was surrounded by record-breaking liquidations on cryptocurrency markets. In total, 175,252 traders were liquidated in the last 24 hours, while the aggregated losses eclipsed $1.04 billion in equivalent.
When it comes to XRP, the total volume of liquidations is estimated at $27.92 million; almost 90% of this sum were the long positions of XRP bulls.
Out of this whopping amount, Bybit is responsible for $7.8 million, while Binance (BNB), the largest cryptocurrency exchange globally, is in charge for $7.4 million in equivalent.
The net market capitalization of crypto markets dropped by 6% overnight.
Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.
Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)
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