Top Bettor Doubles Down on XRP Short Positions, Opening $196 Million Leveraged Bets

Crypto market sentiment deteriorated over the weekend as prices continued their downward trend, prompting some high-risk traders to aggressively short digital assets. Data from analytics platform Lookonchain shows a prominent gambler associated with online platforms Roobet and Stake.com has initiated a new series of leveraged short positions across Bitcoin, XRP, and Zcash. 40x leverage was used for Bitcoin, 20x for XRP, and 10x for Zcash, resulting in a total position size of $196 million. This bettor took advantage of the temporary drop in bitcoin to $92,900, coinciding with a Fear & Greed Index reading of 10, its lowest level since 2022.