Bitcoin Bear's Losing Streak Continues as Short Position Hits $23M
A Bitcoin bear who has been consistently shorting the cryptocurrency has lost significant funds in the past five days. According to data from Lookonchain, this trader has opened a total of 14 shorts on BTC and ETH, with each attempt ending in defeat. The losses so far exceed $4.50 million, marking a substantial blow to the bear's portfolio.
The trader's persistence is evident as they continue to short despite their previous losses. In fact, this bear has been shorting since Bitcoin started its rally, which saw prices surge from under $65,000 to almost $80,000 in less than 48 hours.
However, the analyst at Lookonchain noted that explosive price movements like this are often followed by a sharp retracement as investors tend to secure profits. Despite this correction, Bitcoin remains stable around $77,000, suggesting that the bear's prediction of a more profound decline may not materialize.