Unrealized loss on Bitcoin short position: The trader borrowed 220 Wrapped Bitcoin (WBTC) and sold it at an average price of 102,366 USD. This transaction involved approximately 22.52 million USD, utilizing funds from Ethereum sales.
Risks of short selling in volatile markets: As Bitcoin’s price surged, the trader’s unrealized loss reached about 620,000 USD. This case underscores the significant risks linked to short selling, particularly in the unpredictable cryptocurrency landscape.