#BTC #๐ฅ Bitcoin rally causes 6 billion USD losses for short sellers in the sector
MicroStrategy, which has risen by over 300% this year, has increased the losses of the crypto shorts by another 1.4 billion USD.
๐ Traders who bet on price declines in crypto companies like Coinbase, MicroStrategy and Marathon have accumulated paper losses of 6 billion USD so far this year.
๐ The over 165% increase in Bitcoin drives the profits in crypto stocks, which are strongly linked to the price of the digital currency.
The optimism has increased the chances of a short squeeze, where growth forces the short sellers to buy back the stocks they have bet against, to exit their loss positions, which drives the stock prices even higher.
๐ฆ Coinbase has caused the most pain for short sellers who have bet against the sector this year. The 330% increase in the company has led to losses of about 3.5 billion USD.
TL;DR
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| ๐ฅ Bitcoin Rally Burns Short Sellers ๐ฅ |
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| ๐ 6 Billion USD Losses in Crypto Sector ๐ |
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| ๐ Bitcoin and Crypto Stocks Soar ๐ |
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| ๐ฆ Coinbase and MicroStrategy Lead the Charge ๐ฆ |
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#BTC $BTC
