Moreover, it bears mentioning that this is not the wallet’s first appearance in the headlines. Bitcoin.com News reported in May that the same address, then riding a winning streak, closed a 700 $BTC short worth $56.68 million at a $1.94 million loss, a single bad trade that erased $1.71 million in profits from its previous 11 winning shorts.
Subsequently, in April, the trader opened a 33x leveraged short on 200 $BTC worth $14.15 million at an average entry of $70,745, its fifth short position that month alone. On August 19, the same wallet had a separate short liquidated as bitcoin’s rally accelerated, part of a $270 million wipeout of short positions.
Shorting Into a Treasury-Fueled Rally
The wallet’s losses have coincided with one of bitcoin’s sharpest rallies in years, triggered, in large part, by the news that the U.S. Treasury doubled its long-dated bond buyback operations from $2 billion to $4 billion per operation, a move Bernstein strategist Gautam Chhugani said was the strong trigger behind bitcoin’s breakout from a six-week trading range between $60,000 and $65,000.
The resulting short squeeze forced the liquidation of more than 172,000 short positions and wiped out roughly $3 billion in bearish bets within a single 24-hour window.
President Trump added to the momentum by publicly urging Congress to pass the Clarity Act, which would establish clearer federal rules for digital assets. Bitcoin has since touched a seven-day high of $79,500, within reach of the wallet’s newest short entry price near $77,100.
Whether the trader’s 15th attempt breaks the streak depends largely on whether bitcoin’s rally has further to run. Lookonchain data shows the wallet has not closed a winning short since its 700 $BTC trade in May, and each new position has been opened at progressively higher prices as bitcoin has climbed.
news.bitcoin.com
