Trader Doubles Down on $23.13M Short Position After $4.56M Loss

A trader who lost $4.56M shorting Bitcoin (BTC) and Ethereum (ETH) multiple times has now taken on an even riskier bet, according to blockchain analytics platform Lookonchain.

The trader had already incurred significant losses in a series of 14 short positions over five days, resulting in the aforementioned loss of $4.56M.

Now, despite this financial setback, the trader has opened an even larger short position on 300 BTC worth approximately $23.13M from wallet address 0x004edcd40360e293e4cf260d2ebdf8c7076c1bb8.

The current price of Bitcoin is trading at around $76,928.39 within its Bollinger Bands, with some analysts suggesting that the price may be due for a retracement towards the EMA50 support level at $72,090.3 before any potential further upside.