Short traders on cryptocurrency stocks have lost more than $2.6 billion in the past three months, 50% from shorting Coinbase
On December 7th, since Bitcoin hit a three-month low of $25,152 on September 11th, its price has surged 75% to the current $43,924. This momentum has caused short-term traders of cryptocurrency stocks to lose more than $2.6 billion in less than three months. The latest report from financial data company S3 Partners shows that cryptocurrency stocks represented by Coinbase and MicroStrategy are following Bitcoin's lead and rising, catching shorts off guard.
With the strong rebound in Bitcoin prices, Coinbase's stock price has risen 51% in the past month to $143.63; MicroStrategy, which holds about $6.6 billion in Bitcoin, has risen 82% since October to $568.88. These huge stock price fluctuations have resulted in short traders of cryptocurrency stocks losing $2.656 billion in the past three months, with over 50% of the losses coming from shorting Coinbase stocks and another 25% from shorting MicroStrategy stocks.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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