Crypto Trader Loses Over $2M USDC in 6 Months to FOMO, FUD
- A crypto trader recently suffered repeated losses due to the FOMO.
- The trader bought ETH twice after the rally had begun, and sold out of fear during a pullback.
- Lookonchain advised users to be more patient when trading cryptocurrencies.
Lookonchain, a Web3 data analysis tool provider, tweeted about a crypto trader that made repeated losses due to the Fear Of Missing Out (FOMO). The platform posted two concurrent trades by the same trader who lost over $2 million USDC in panic trades.
The Web3 analytics platform, through its Twitter handle, advised users to avoid ETH after prices have risen over a period. The platform advises users against panic selling in situations where prices drop.
In Lookonchain’s example, an unidentified crypto trader bought 7,135 ETH with $12.25 million USDC on September 9, 2022. At the time of the purchase, the price of ETH had gained 10% from its local low. ETH price pulled back after the purchase, and seven days later, on September 16, 2022, the trader liquidated the position and got back $10.51 million USDC, losing $1.74M USDC in the trade.
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