Murad’s $67 Million Bet on SPX6900 Tanks — Visionary or Delusional?
Only a few figures spark as much fascination and controversy in the crypto market as Murad, the trader who tied nearly his entire net worth to a single asset, SPX6900 (SPX).
His conviction, bordering on obsession, has split opinion across X (Twitter). While some call him delusional, others hail his commitment as the embodiment of crypto’s countercultural ethos.
Murad’s Conviction Collides with a Brutal DrawdownMurad has positioned SPX6900 as a unique cultural and financial phenomenon, arguing that the altcoin may be poised for significant growth.
For Murad, SPX is not just another speculative token. It represents a fusion of crypto’s most powerful subcultures, like discipline, passion, generosity, and rebellion, all compressed into one narrative asset.
“There has never been an asset which combined: 1) The intense HODL + DCA culture of BTC, 2) The passion and evangelism of XRP, 3) The tipping culture of DOGE, 4) The counter-culture spirit of GME…This will be bigger than anything we’ve ever seen before,” wrote Murad.
Yet conviction comes at a cost. BeInCrypto reported that the SPX price recently suffered a steep correction, falling 35% from its $2.15 peak.
Murad, who owns 30 million SPX tokens and has refused to sell a single one, saw his portfolio collapse from $67 million to $42.8 million. SPX now makes up over 97% of his holdings, exposing him almost entirely to its volatility.
The pain deepened in recent days. According to Arkham Intelligence, Murad’s portfolio has hit a three-month low, with SPX’s price down nearly 60% since July.
Murad’s Portfolio. Source: Arkham Intelligence
Critics argue he has “round-tripped” tens of millions, meaning he saw the price go up fast before crashing back down to the starting point.
Murad round tripped his memecoins bag from $50M to $10M