Posted 12/7/2023, 4:26:23 AM
Bitcoin's Rally Costs Short Sellers Over $6 Billion in 2023
- Short sellers have lost over $6 billion betting against crypto stocks in 2023 due to Bitcoin's rally
- Majority of losses occurred in last 3 months since Bitcoin bottomed out in September
- Bitcoin's 77% rally from September to December induced $2.65 billion in losses
- Coinbase is the most unsuccessful short trade, resulting in over $3.5 billion in losses
- Despite growing losses, some short sellers continue adding positions, betting rally will end