📢 The "Top Traders Monthly Report - May '24" is out now! 🚀
Starting from this month it will not only cover profitable traders from the Binance Leaderboard but also from Hyperliquid!
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#
May 2024 highlights its top three traders as follows:
🏆 YoutubeBuyLow (Binance)
🥈 andre_is_back (Hyperliquid)
🥉 purrrr (Hyperliquid)
May proved to be a bullish month for the crypto market, with $BTC and $ETH seeing gains of 11.3% and 24.8%, respectively. A standout moment came on May 20th, when the unexpected announcement of a high probability for an $ETH spot ETF approval made crypto prices pump. Traders covered this month saw profits ranging from $477k to $1.5 million.
Leading the pack is a new entrant from Binance, YouTubeBuyLow, who demonstrated a consistent upward trend throughout May, closing with a remarkable profit of $1.5 million. It’s important to note that these figures represent only the profits from positions closed during the month; the overall performance of each trader may vary significantly. For example, YouTubeBuyLow's historical performance doesn’t quite match the stellar gains seen in May.
In second place is andre_is_back, who primarily opened and closed positions in the latter half of the month, achieving a PnL of $744k. Lastly, purrrr, despite closing only three positions (all winners) managed to secure profits of $477k by the end of May.
2️⃣ Top 3 Traders - Performance Metrics#
YouTubeBuyLow closed a total of 12 positions, executing 134 trades with a 91.7% win rate. However, a unique pattern emerges from the average holding period, which is unusual for the traders we've covered in these reports. Specifically, YouTubeBuyLow holds losing trades open about five times longer than winning ones, whereas this figure is typically inverted for other traders. This might indicate suboptimal management of losing positions. Moreover, both the Profit Factor (0.64) and average Profit-to-Drawdown ratio (0.61) are generally low compared to other traders covered. This may result from cutting winners short and letting losers run.
andre_is_back, on the other hand, closed 7 positions and executed 474 trades with the lowest win rate of 42.3%, but a notable Profit Factor of 10.0. In this case, the average holding period for winning positions is about three times longer than for losing ones, which seems to contribute significantly to the trader’s profitability.
Finally, purrrr closed just 3 positions in May, all wins, while executing the highest number of trades among the three at 842. This trader maintained an average holding period of about 8.3 days.
3️⃣ Trader Spotlight: YoutubeBuyLow#
3.1. Notional exposure and PnL ($)#
In May, YouTubeBuyLow frequently switched between long and short positions, but focusing solely on trading $BTC. Out of the 12 positions closed, 58% were long.
His exposure fluctuated significantly, ranging from +$10 million to -$20 million. The PnL curve of his closed positions revealed minimal drawdown, with the majority of profits generated in the second half of May, when YouTubeBuyLow maintained a long exposure slightly above $10 million.
The figure below displays, for each closed position, the PnL ($) by symbol traded and their holding period.
The trader's greatest loss occurred at the beginning of the month, while the largest win took place in the middle of the month.
3.2. Position Case Studies#
BTCUSDT - Switching Bias#
Below is an overview of all trades taken on $BTC by YouTubeBuyLow in May. The arrows pointing up or down indicate his frequent shifts from long to short bias throughout the month.
Notably, YouTubeBuyLow's biggest loss and biggest win, marked by red and green rectangles respectively, both occurred after being deeply underwater. In the case of the biggest loss, he managed to recover most of it before closing. For the largest win, he turned the position around to close at a profit.
The winning trade had a final PnL of +$750k, contributing to 37% of his total PnL with an ROI of +5.9%. YouTubeBuyLow entered this trade on May 7th with an exposure of ~$10 million. Initially, the price trended downwards, resulting in a maximum drawdown of about $460k by May 11th. However, the price began to recover quickly, allowing him to close the position on May 17th at a profit.
The worst trade mirrored the path of the winning one. YouTubeBuyLow opened the position with an exposure just above $10 million on April 28th. After a brief spike, the price plummeted from $64k to under $58k, putting him at an unrealizedloss of around $1.2 million. The price then reversed as quickly as it had dropped, enabling him to close the position at a reduced loss of $250k, with an ROI of -2%.
4️⃣ Trader Spotlight: andre_is_back#
4.1. Notional exposure and PnL ($)#
andre_is_back primarily traded on the long side, closing 5 long positions out of 7 in May, and maintained a net notional exposure that was consistently net long. His exposure varied from -$2 million to +$6 million.
The bulk of his profits came from an $ETH position opened on May 11th and closed at the end of the month. This key trade significantly boosted his PnL from $0 to +$744k, in fact it contributed 84.5% to his total PnL.
The figure below displays, for each closed position in May ‘24, the PnL ($) by symbol traded and their holding period.
The figure below displays the TotalPnL ($) by symbol traded, where it is evident the impact of a single position on the overall performance.
4.2. Position Case Studies#
ETHUSDT - Where 85% of the profits were made#
As stated previously, this $ETH trade made the month for andre_is_back, contributing approximately 85% to his total PnL with a profit of $821k:
- Side: Long
- Trades executed: 208
- Max DD ($): -$50k
- Final Pnl ($): $821k
- ROI (%): 25.0%
- Holding Period: ~13.8 days
As shown below, andre_is_back opened the position on a support area for $ETH at an entry price of approximately $3000, with a notional exposure of around $3 million. The price fluctuated around this support area for a few days, resulting in a minimal drawdown of $50k on the position.
Around May 17th, $ETH price began a gradual ascent. When the announcement about the increased probability of an $ETH spot ETF approval came out, andre_is_back quickly added around $200k to his position, capitalizing on the $ETH pump. He started trimming and taking profits from this point until May 25th, when he closed the position entirely after holding it for 13.8 days.
5️⃣ Trader Spotlight: purrrr#
5.1. Notional exposure and PnL ($)#
purrrr only closed three long winning positions by the end of May with a notional exposure between $1.5 and $3 million.
Till May 27th his realized PnL was just below $100k but then he closed two positions that made him close the month with a total profit of $477k.
The figure below displays, for each closed position during the month, the PnL ($) by symbol traded and their holding period.
The figure below displays the TotalPnL ($) by symbol traded.
5.2. Position Case Studies#
ONDOUSDT - Lowest Conviction, Higher Profit#
Among the three positions, $ONDO is the one purrrr allocated the least amount of money to, with an exposure of $610k compared to $1 million and $2.2 million for $WIF and $ETH respectively. Despite the lower investment, $ONDO turned out to be the most profitable one:
- Side: Long
- Trades executed: 554
- Max DD ($): -$1k
- Final Pnl ($): $234k
- ROI (%): 38.0%
- Holding Period: ~4.5 days
As shown below, it appears that purrrr correctly bet on the reclaim of the previous resistance area. After consolidating in that area, the price eventually moved in his favor, leading to a profitable outcome.
The $ONDO position contributed 49% to purrrr's total PnL, with an ROI of 38.3% and a near-zero drawdown. He opened a $610k long position on May 22nd, and after some sideways movement, the price rose from $0.9 to well above $1.3. purrrr closed the position around $1.25, securing a profit of $234k.
6️⃣ Conclusion#
This month, for the first time, we covered not only Binance Leaderboard traders (YoutubeBuyLow) but also traders from Hyperliquid (andre_is_back and purrrr). The three traders covered primarily had a long bias during the month and managed to achieve profits ranging from $477k to $1.5 million, despite closing a relatively low number of positions.
Notably, all of them made the majority of their profits during the second half of the month, which coincided with the announcement of an increased probability of an $ETH spot ETF approval. This highlights the impact and importance of market news, in particular when unexpected.
FInally, we emphasized that evaluating a trader's performance solely based on total PnL in absolute terms over a specific period can be misleading. To make well-informed decisions, it's crucial to consider other metrics and historical data. This comprehensive approach provides a better understanding of a trader's overall skill and strategy effectiveness.
Stay connected for more insights in the upcoming month's edition.
Follow our highlight traders on Twitter:
YoutubeBuyLow: please if you know, let us know his twitter handle
andre_is_back: please if you know, let us know his twitter handle
purrrr: please if you know, let us know his twitter handle
Data analysis provided by@0xfab_eth. Drop him a follow!
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