Bitcoin Short Turns Risky for Trader After $1.23M Winning Streak

Crypto trader “0x50b3” has recorded 23 consecutive profitable Bitcoin trades over the past three days, generating approximately $1.23 million in total gains.

Building on that momentum, the trader then opened a highly leveraged 20x short position on 1,040 BTC, valued at around $70 million. However, the market has since moved against the trade, resulting in a current loss of roughly $874,000.

Consequently, the position is now approaching a critical threshold, with liquidation set at $70,084.9.

Source: Lookonchain