The market was hot and he was trading on margin, and kept rolling until the point where he had close to $500k out in calls. The the 19th hit and bam. Gone. Was probably about 30-40% of his net wealth at the time. He certainly wasn't in a position to lose it. Big lesson there.
RE: Why I hedged 50% of my crypto into cash in one simple chart (Edited)
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Why I hedged 50% of my crypto into cash in one simple chart (Edited)