Traders who tried to bet against the crypto industry have burned more than $6 billion in shorts this year.
Highlights
- Short sellers have lost at least $6 billion trying to bet against publicly-traded crypto firms this year.
- The bulk of the losses for short sellers have come in the last three months.
- Bitcoin’s 161% year-to-date rally has been a significant driver for crypto firm share prices.
- Bitcoin is trading at $43,964 at the time of writing, with a recent rally attributed to growing anticipation of a potential spot Bitcoin exchange-trade fund approval in January.
- Despite growing losses, some short sellers continue to add to their positions, betting that the current rally will soon run out of fuel, according to S3 Partners.
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