Crypto Chaos: Why Traders Are Struggling to Make a Profit

In the wild world of crypto, things are not looking so good for many traders. Bitcoin and Ethereum are still holding their ground, but most other coins are lagging behind. This is causing frustration, especially among those who invested in smaller coins.

Volatility and Uncertainty

The market has been extremely volatile, making it challenging for traders to profit from frequent trades. Data indicates that holding onto major coins like Bitcoin and Ethereum has been the only reliable strategy for making profits recently.

Success Stories

Amidst the turmoil, some traders are thriving. Two traders made over $17 million in profits, boasting impressive win rates on Bitcoin, Ethereum, and Solana. Another trader who lost everything on October 11th made a remarkable comeback, securing a $5 million profit by betting on Ethereum.

The Other Side of the Coin

However, not all news is positive. Bearish traders who bet against Bitcoin made around $35 million, but one of them lost everything after being in profit.

Expert Opinions

Scott Melker, a well-known trader, described this as the "worst crypto bull market ever." He noted that only Bitcoin holders are making real money, while those who traded frequently or invested in smaller coins likely lost money. Unlike previous markets, this one hasn't seen a significant altcoin season. Crypto stocks had short rallies but then fell sharply. Even big investors with substantial funds have seen big losses, adding to the overall frustration.

Record Liquidations

The recent biggest liquidation event in crypto history wiped out both bullish and bearish positions, leaving most traders in the red.