According to blockchain data, AguilaTrades began by transferring $39.18 million in USDC from Bybit to Hyperliquid starting June 8, 2025. Within less than three weeks, his account balance had plummeted to just $4.09 million.
Unrealized Gains Lost: Three Longs, Three Major Losses
The first major long position on Bitcoin, opened June 9, at one point showed an unrealized profit of $5.76 million. However, without taking profit, AguilaTrades ultimately closed the position for a loss of $12.47 million after prices crashed on Middle East geopolitical news.
On June 15, another long saw unrealized profits soar to $10 million—but again, profits were not locked in. The next wave of selling cost the trader an additional $2.95 million. A third long position, opened June 20, at one stage was up $3.2 million, but ended with a massive $17 million loss after another market reversal.
In total, these three failed longs cost AguilaTrades over $32 million. Switching to shorts, he was met with a surprise Bitcoin rally and lost another $2.33 million. What started as a promising run of aggressive trades turned into one of the most dramatic losses seen in 2025’s crypto market.
Risk Management Lessons: What Went Wrong?
Lookonchain experts highlighted several classic trading mistakes behind the loss:
- Don’t be greedy—take profits when available.
- Avoid entering positions driven by FOMO during rapid rallies.
- Don’t use excessive leverage without a clear risk strategy.
The case serves as a stark reminder that even sophisticated traders can be caught off guard by market swings and emotional biases.