Bitcoin Wallet Opens $6.45 Million Short With $38.2 Million in Losses

A Bitcoin (BTC) derivatives wallet with roughly $38.2 million in cumulative account losses opened a short position valued at about $6.45 million after closing a long trade Tuesday.

By 3:26 a.m. ET (08:26 UTC), the short covered 84.08833 BTC. The $6.45 million figure describes the value of the open position, while the $38.2 million figure reflects the account’s cumulative losses. It is not the loss on the new short.

During the trading window, the wallet first opened a Bitcoin long worth about $6.88 million and then closed it before taking the short position. A long is positioned to benefit if the asset rises; a short is positioned to benefit if it falls. The two positions were opened in sequence, changing the account’s exposure from long to short.

The account is associated with address 0x1f250df59a777d61cb8bd043c12970f3afe4f925.