Bitcoin trader opens $23M short
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- A tracked wallet opened a 40x short worth about US$23.13 million after 14 losing trades.
- The trader has lost US$4.56 million across those 14 previous positions.
- Bitcoin had risen 22% over seven days, increasing pressure on short sellers.
Bitcoin (CRYPTO:BTC) faced another short bet worth US$23.13 million after a trader lost US$4.56 million.
The wallet opened its 15th short in five days, using 40x leverage on 300 Bitcoin.
The trader has lost all 14 previous short positions during that period, according to onchain data.
The latest position opened near US$77,100 while Bitcoin traded around US$77,500.
Following the trade, Bitcoin remained near US$77,500 after gaining 22% over seven days.
The wallet previously lost US$1.94 million on a 700 Bitcoin short opened in May.
Bitcoin's recent rally followed increased US Treasury bond buybacks and liquidated more than 172,000 short positions.
At the time of reporting, Bitcoin price was $78,772.61.
