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Crypto

Bitcoin Trader Suffers Record Losses Amid Cryptocurrency Rally

Guavy AI Editorial Team
Instruments
BTC
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A Bitcoin trader known as 'bowen1476' has suffered a string of losses, totaling $4.56 million in just five days. The wallet opened its 15th short position against Bitcoin on August 24, a 40x leveraged short on 300 BTC worth around $23.13 million.

This new short is particularly challenging, as it's being taken out during one of Bitcoin's strongest rallies since March 2023, with prices up 22% over the past seven days.

The trader has not closed a winning short since May, when it lost on a $56.68 million short position worth 700 BTC. Each new position has been opened at progressively higher prices as Bitcoin has climbed.

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Disclaimer: Guavy is a data and market intelligence provider, not an investment adviser. The information, signals, and market analysis provided by the Guavy API and related services are for informational purposes only and are not intended as financial advice, investment recommendations, or an endorsement of any particular trading strategy. Trading in volatile markets, including cryptocurrency, carries significant risk and may not be suitable for all investors. Past performance is not indicative of future results. Users should consult with a qualified financial professional before making any investment decisions. Guavy makes no guarantee of trading profits or financial returns.

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