📢 The Top Traders Monthly Report - October '24' is out now! 🚀

Featuring curated, consistently profitable traders from the Binance and Hyperliquid Leaderboards.

We'll reveal key stats and insights that distinguish top traders in this competitive arena.

Let's explore the trading elites! 💪

1️⃣ Top 3 Traders by PnL ($) - Overview

October 2024 highlights its top three traders as follows:

🏆 Cryptoproyo (Binance)

🥈 Trader 0x2ed (Hyperliquid)

🥉 DJ_ (Hyperliquid)

October proved to be another strong month for the crypto markets, with Bitcoin ($BTC) gaining over 11% and closing at $70.3k, just shy of its all-time high. The top three traders of the month achieved impressive profits ranging from $616k to $4.7M.

For the second consecutive month, Cryptoproyo led the rankings. This Binance-based trader, who already surpassed $1M in closed-position profits in September, delivered an even more remarkable performance in October, securing $4.7M in profits. Trader 0x2ed and DJ_ took the second and third spots, with both achieving strong results of $679k and $616k, respectively.

2️⃣ Trader Spotlight: Cryptoproyo

Cryptoproyo demonstrates a clear preference for swing trading, with an average holding period ranging from nearly 27 days for losing positions to as long as 75 days for winning ones. In October, he maintained a long exposure with a notional value exceeding $15 million until the final week of the month, when he began closing most of his open positions and locking in profits.

As illustrated in the following image, the majority of positions closed by Cryptoproyo in October were initiated in August. Of the 16 closed positions, only the $SAGA trade resulted in a loss. In contrast, the most significant gain came from $BTC, yielding $980k and accounting for 21% of the total PnL.

Cryptoproyo primarily focused on major coins such as $BTC, $ETH, and $SOL, along with meme coins like $PEPE and $WIF. These assets were the main drivers of his profits, contributing $3.17 million out of a total $4.7 million—an impressive 67.4%.

3️⃣ Trader Spotlight: Trader 0x2ed

The majority of Trader 0x2ed’s activity and profits occurred in the first week of October. Unlike Cryptoproyo, 0x2ed maintained a net short position since late September, with a peak notional exposure of -$8 million—a well-played move as $BTC declined by nearly 10% during that time. He secured most of his profits early in October, closing trades that earned nearly $500k. Over the remainder of the month, he added to his gains with other successful trades with much less exposure, bringing his total profit to $678k.

Trader 0x2ed operated across a diverse portfolio of 23 symbols, closing 49 positions throughout October with an impressive total of 26.8k trades—averaging 547 trades per position. His largest gain came from a $BTC position, earning $183k and contributing 16% to his total PnL. Conversely, his biggest loss was on $TIA, which cost him $120k.

Of the 23 symbols traded by 0x2ed, he incurred losses in only 4, while securing gains in the rest. Notably, his major profits came from $BTC, $EIGEN, and $APE.

4️⃣ Trader Spotlight: DJ_

DJ_’s notional exposure and PnL curves closely resemble those of the previously discussed trader, 0x2ed. Like 0x2ed, the bulk of DJ_’s profits were secured during the first week of October, driven by a substantial short exposure totaling nearly $10 million.

Despite the similarity in strategy, DJ_ was far less active, trading only 5 symbols and closing just 6 positions during the month. His largest gain came from $BTC, which earned $515k and accounted for an impressive 84% of his total PnL.

DJ_ successfully profited from every symbol he traded in October, with the majority of his earnings coming from a single $BTC position, as previously highlighted.

5️⃣ Case Study

Trader 0x2ed - Adding Size as The Trade Confirms: Short $BTC

Between September 27th and 29th, Trader 0x2ed opened a short position on $BTC as it neared the $65k resistance level. Starting with an initial exposure of approximately $1 million, the position was gradually increased to a peak size of $5.3 million.

What makes this position noteworthy is that most traders typically add to a position as it moves against their entry, attempting to average down. However, Trader 0x2ed took the opposite approach, intentionally adding to the position as it moved in his favor.

As shown below, 0x2ed began with an initial entry at an average price of $66k and a notional exposure of $1 million. As the price started to decline, he incrementally added to the position, increasing exposure to $4 million and eventually to $5.3 million. While scaling in, the average entry price dropped to $64k, consistently staying several percentage points above the market price to maintain positive unrealized profits.

Finally, on October 1st, during a sharp price drop, Trader 0x2ed began gradually reducing exposure, fully closing the position as the decline accelerated.

The trade generated a total realized net profit of $183k, resulting in a 3.4% ROI and contributing 16.8% to the overall PnL.

6️⃣ Conclusion

The top three traders in October achieved profits ranging from $616k to $4.7M. From Cryptoproyo’s swing trading approach to Trader 0x2ed’s scaling strategy as positions moved in his favor, each trader employed distinct ways to approach the markets while being profitable.

Among them, we covered Trader 0x2ed’s $BTC short position use case, which was interesting because it highlighted a contrarian approach to position sizing. Instead of averaging down as the trade moved against him, 0x2ed scaled into the position as it moved in his favor. This strategy allowed him to maintain a favorable average entry price and expand his position size while staying in unrealized profit territory. Ultimately, this position, which began modestly with $1 million in notional exposure, grew to a peak of $5.3 million. It enabled the trader to realize a profit of $183k, accounting for approximately 27% of his total monthly PnL of $679k.

Stay connected for more insights in the upcoming month's edition.

Follow our highlight traders on Twitter:

Cryptoproyo: please if you know, let us know his twitter handle

Trader 0x2ed: please if you know, let us know his twitter handle

DJ_: please if you know, let us know his twitter handle

Data analysis provided by @0xfab_eth. Drop him a follow!

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