The person did in on Bitmex. If he had 100x leverage, he only lost USD $480K. If he did 25X leverage, he only lost 1.92 Million. Still, a lot of money. Judging from the amount of the rise yesterday, he probably had it on at least 15x leverage, which would be 3.2 million.
I could be wrong though. He could have had lower leverage and has had the short open for quite sometime, and lost more money. If that were the case though, he should have cut his loses long ago.
I could be wrong though. He could have had lower leverage and has had the short open for quite sometime, and lost more money. If that were the case though, he should have cut his loses long ago.
I don't trade on Bitmex, but looking at their margin requirements, you can't do 100x on such a large position. At ~7800BTC, your margin would need to be around 38% judging by their formulas: https://www.bitmex.com/app/riskLimits
Also, you sure it's Bitmex? I'm pretty sure it's OKEX, as their contracts are $100 per.