Bitcoin Bear's Losing Streak Continues as He Shorts 300 BTC at $77,161

A Bitcoin bear has had his losses exceed $4.5 million after shorting the cryptocurrency 14 times in five days.

The trader opened a new major short position, a 40x short on 300 BTC worth over $23 million.

This is not the first time the bear has been burned by Bitcoin's price movements. The asset surged from under $65,000 to almost $80,000 in less than 48 hours last week, its most impressive weekly rally in three years.

The trader has continued to short BTC and ETH despite his previous losses, with the latest position being a significant increase from his previous shorts.