Bitcoin Bear Gets Burned 14 Times in 5 Days – Then Opens Another Major Short

Will they finally be on the right side? Bitcoin experienced its most impressive weekly rally in three years last week when it surged from under $65,000 to almost $80,000 in the span of less than 48 hours. Such explosive moves are typically followed by a sharp retracement as investors tend to secure profits, especially following weeks and months of sideways activity without any major gains. BTC has indeed corrected slightly since that three-month high, but remains rather stable at around $77,000. However, one bear continues to believe that a more profound decline is right around the corner. Lookonchain shared one major bear’s activity, in which the anonymous trader opened yet another big short (no pun intended). On-chain data showed that the latest position is a 40x short on 300 BTC, currently worth over $23 million. What’s particularly interesting is their persistence. Ever since bitcoin started to rally, and all alts followed suit, the trader has shorted BTC and ETH 14 times, but to no avail. The analysts at Lookonchain noted that the bear’s losses so far exceed $4.50 million after losing all 14 shorts in just five days. This bear is back for his 15th short! Over the past 5 days, ...