Controversial influencer Andrew Tate reportedly suffered a huge loss in leveraged Bitcoin trading after several futures positions failed to follow the market movement.
According to data from Lookonchain, Tate suffered eight liquidations within 24 hours after depositing about $100,000 USDC into his trading account.
He opened a position worth about $3.8 million or 57 Bitcoin using 40x leverage, but the position was affected when the Bitcoin price moved against his expectations.
After that, Tate reportedly switched to a short position worth about $1 million. However, the change in market direction caused the position to be automatically liquidated by the exchange, thus eliminating a large portion of the capital used as collateral.
Following the series of liquidations, the balance in the account tracked by Lookonchain was reportedly only around $14,219, much lower than the capital previously used for speculative trading activities.
The latest loss adds to Tate’s record of huge losses in the crypto market. Previously, blockchain data showed that he had recorded a loss of almost $800,000 on several high-risk Bitcoin futures trades.
Blockchain analytics firm Arkham Intelligence also reported that more than $727,000 deposited into his Hyperliquid trading account had been used up with no record of withdrawals.
The firm said that trading capital and referral rewards received through the platform had ultimately disappeared due to trading losses.
In related developments, Bitcoin continued to face pressure despite showing signs of recovering from recent lows. At the time of writing, Bitcoin was trading around $64,127.
Several market indicators pointed to improving sentiment, including a reduction in Bitcoin ETF outflows and a recovery in Coinbase’s premium, which is often used as a measure of institutional demand in the United States.
However, analysts remain cautious about the near-term prospects for the digital asset.
Crypto trading firm Wintermute believes that the current uptick in sentiment does not necessarily mean the market has reached a solid bottom.
The firm stressed that downside risks still exist and Bitcoin has the potential to test lower levels before a more sustainable recovery occurs.
