A Twitter user under the handle GowtherXbt said that during a period of heightened volatility on May 19 through active trading of ETH/USDT perpetual contracts he managed to make 27x, turning the initial $5,000 into $135,000.
Kinda turned 5k$ into 135k$ scalping ETH today
— GowtherXBT (@GowtherXbt) May 19, 2021
In the post, he attached screenshots of four trades closed within 22 minutes with realized profits ranging from $17,507 to $46,780. At that time Ethereum traded between $2,300 and $2,555.
When asked what leverage he used, GowtherXBT explained: “1000x or nothing.” On Binance, where he executed the trades, leverage is limited to 100x. The maximum trade size is 10,000 USDT.
1000x or Nothing
— GowtherXBT (@GowtherXbt) May 19, 2021
The trader employed a scalping strategy, involving opening a sequence of trades and closing them within minutes—or seconds.
On May 19, the price of Ethereum fell by 50%, and gas prices hit an all-time low. This led to temporary withdrawals suspensions on Binance and other exchanges of ETH and ERC-20 token withdrawals.
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