Bitcoin surged from under $65,000 to nearly $80,000 in less than 48 hours last week, marking its strongest weekly rally in three years. The price has since stabilized near $77,000, though one persistent bear trader has opened a 40x short on 300 BTC worth over $23 million. According to data from Lookonchain, this trader has attempted 14 shorts on Bitcoin and Ethereum over the past five days, losing each time for a total loss exceeding $4.5 million. The anonymous trader has now opened a 15th short position, raising the question of whether they will 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. BTC has corrected slightly 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.
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. 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.
The firm posted on X: “This bear is back for his 15th short! Over the past 5 days, he has shorted $BTC and $ETH 14 times, losing every single time for a total loss of $4.56M. Now he’s opened a 40x short on 300 $BTC ($23.13M). Can he finally win one?”
