Whale Loses $75 Million by Shorting Bitcoin

A recent whale in the cryptocurrency market took a big hit when they attempted to short Bitcoin, resulting in a staggering $75 million loss. This high-risk strategy of betting against the price of Bitcoin backfired, reminding traders of the unpredictable nature of the market.

A recent whale in the cryptocurrency market took a big hit when they attempted to short Bitcoin, resulting in a staggering $75 million loss. This high-risk strategy of betting against the price of Bitcoin backfired, reminding traders of the unpredictable nature of the market.

While some experts had predicted a bearish trend for Bitcoin, this unexpected turn of events serves as a warning to investors to tread carefully in the volatile world of cryptocurrencies. The whale’s significant loss highlights the importance of thorough research and caution when making investment decisions in this rapidly changing landscape.

As the cryptocurrency market continues to experience fluctuations and uncertainties, it is essential for traders to stay informed and adapt their strategies accordingly. The story of the whale losing $75 million serves as a cautionary tale for all those involved in the crypto space, urging them to approach trading with prudence and vigilance.

A trader who tried to short Bitcoin (BTC) reportedly suffered losses of tens of millions of dollars after the largest cryptocurrency surged on election day.

Blockchain tracking company Lookonchain says a crypto whale suffered a liquidation of $74,980,000 when the US presidential election numbers began to favor pro-crypto candidate Donald Trump. As a result, the Bitcoin price reached new record highs. Lookonchain tweeted the following:

“Crazy! After BTC hit a new all-time high, a whale shorting BTC got liquidated for $74.98M!”

According to Coinglass, on election day, $413.8 million worth of short positions were liquidated, with the majority being short positions on BTC. Binance saw the most liquidations, followed by OKX and Bybit.

Lookonchain also reports that there were large outflows of spot market Bitcoin and Ethereum (ETH) exchange-traded funds (ETFs) on election day before the polls closed. Fidelity’s ETH and BTC ETFs saw the largest outflows among the various ETFs.

“Update from November 5:

10 Bitcoin ETFs:
– NetFlow: -5,500 BTC (-$381.85 million).
– Fidelity withdrew 2,513 BTC ($174.44 million) and currently holds 184,597 BTC ($12.82 billion).
9 Ethereum ETFs:
– NetFlow: -13,269 ETH (-$32.38 million).
– Fidelity withdrew 13,000 ETH ($31.72 million) and currently holds 162,000 ETH ($395.28 million).”

Bitcoin is trading at $75,880 at the time of writing, up 10.2% in the past 24 hours. Meanwhile, ETH is trading at $2,689, up over 11% in the same period.