Trader Takes Multi-Million Dollar Short Position in Major Cryptocurrencies

A prominent trader has deployed a significant short position on several major cryptocurrencies, according to on-chain analysis platform Lookonchain. TechFlow reports the total value of these positions to be $196 million. The trader’s strategy includes a leveraged 40x short bet on Bitcoin, holding over 1,555.56 BTC worth approximately $148.5 million. Additionally, they have opened a 20x leveraged short position on XRP with a holding of 12.34 million XRP, valued at around $27.4 million. Finally, the trader has initiated a 10x leveraged short on ZEC, with a holding of 31,016 ZEC, worth approximately $20.4 million.