Bitcoin Trader Down $4.56M Opens New $23M Short on 300 BTC

An Embarrassing Losing Streak Deepens Further

The wallet (identified as bowen1476) opened its 15th short position against bitcoin and ether in five days on August 24, this time a 40x leveraged short on 300 $BTC worth roughly $23.13 million. The trader has lost on all 14 previous attempts in that stretch, for a combined $4.56 million in losses.

The new short lands with bitcoin trading around $77,500, up 22% over the past seven days, meaning the position is fighting one of bitcoin’s strongest rallies since March 2023.

Moreover, it bears mentioning that this is not the wallet’s first appearance in the headlines. Bitcoin.com News reported in May that the same address, then riding a winning streak, closed a 700 $BTC short worth $56.68 million at a $1.94 million loss, a single bad trade that erased $1.71 million in profits from its previous 11 winning shorts.

Subsequently, in April, the trader opened a 33x leveraged short on 200 $BTC worth $14.15 million at an average entry of $70,745, its fifth short position that month alone. On August 19, the same wallet had a separate short liquidated as bitcoin’s rally accelerated, part of a $270 million wipeout of short positions.

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