AguilaTrades, a prominent cryptocurrency trader, has experienced substantial losses exceeding $37 million over a series of high-leverage trades involving Ethereum (ETH) and Bitcoin (BTC) between August 11 and August 14, 2025. Initially, AguilaTrades placed multiple short positions on ETH, including a limit short order of 29,000 ETH valued at $122.4 million and a 15x leveraged short of 30,001 ETH worth $128.45 million. However, these short positions resulted in rapid losses, including a $1.86 million loss in 10 minutes and a total loss of over $3.7 million from three consecutive short attempts within three days. After these losses, AguilaTrades shifted to long positions on ETH, opening a 15x leveraged long of 10,000 ETH valued at $43.3 million, which later increased to 15,000 ETH worth approximately $66 million as ETH prices rose above $4,400. Concurrently, AguilaTrades opened a 40x leveraged short position on 50 BTC valued at $60.11 million, anticipating a decline in BTC relative to ETH. Despite some short-term gains, including a $1.47 million profit from an ETH long position, subsequent trades led to further losses. On August 14, a market crash caused the liquidation of AguilaTrades' 21,050 ETH long position valued at nearly $100 million, resulting in a $4.68 million loss. Following this, AguilaTrades repeatedly reopened long ETH positions with diminishing capital, ultimately losing an additional $230,000 and reducing the account balance to approximately $187,000. These events underscore the volatility and risk associated with leveraged cryptocurrency trading. Additionally, another trader, Big Candle Capital (BCC), experienced a single-day asset drawdown of $24.5 million after reaching a peak profit of $20.7 million on August 13, 2025.