A wallet tracked by onchain analysts opened its 15th bitcoin short in five days on August 24, a 40x leveraged bet on 300 BTC worth roughly $23.13 million, after 14 straight losing trades wiped out a combined $4.56 million.
Key Takeaways
Trader bowen1476, hasn’t posted a winning short since a 700 BTC trade in May 2026.Bitcoin’s 22% weekly rally, tied to Treasury bond buybacks, has squeezed short sellers since August 19.The new 40x short on 300 BTC needs bitcoin to fall back under its $77,100 entry to turn a profit.The new short lands with bitcoin trading around $77,500, up 22% over the past seven days, meaning the position is fighting one of bitcoin’s strongest rallies since March 2023.
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 RallyWhether 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.
