Trader Opens $12.61 Million Short Tied to Nvidia Before GTC Berlin

A large on-chain trader opened a short position worth about $12.61 million tied to Nvidia (NVDA) ahead of the company’s GTC Berlin keynote, placing a sizable bet against the chipmaker.

The position was linked to an address beginning 0x4e23 and had an average entry price of $218.078. It showed about $86,600 in unrealized profit when observed. The trade remained open at that point, so the reported gain had not been locked in.

A short position gains value when the asset it tracks falls and loses value when it rises. The $12.61 million figure describes the position’s value, while the smaller figure reflects its paper profit at the time of the observation. Both can change with the market.

Nvidia’s GTC Berlin event runs from Oct. 20 to Oct. 22. The company has also announced plans to invest in four German startups as part of a nearly $10 billion investment commitment to Europe.

Nvidia CEO Jensen Huang is scheduled to deliver the GTC keynote Oct. 21 from 5 to 7 a.m. ET (09:00 to 11:00 UTC).