Whale Loses Billions in Crypto Rebound, Deploys Margin to Stay Afloat

A large cryptocurrency investor known as ‘0x5D2F’ is facing substantial unrealized losses on short positions of Bitcoin and Ethereum as the market rallies. These losses have already reached over $8.6 million, prompting them to deposit $8 million in USDC to bolster their margin position. The whale’s short positions include 2,041 BTC worth about $236 million, and 500 ETH valued at roughly $2.25 million. This situation highlights the high-risk nature of shorting during market rebounds.