Call The Whambulance, Crypto Shorts Won’t Stop Hitting Themselves In The Face
Bitcoin (BTC) has been on a tear, skyrocketing nearly 23% in the past month and a whopping 160+% YTD. This meteoric rise has left cryptocurrency-related stocks basking in the glow of renewed optimism. 😃
But here’s where the plot thickens: according to Bloomberg as these crypto stocks were busy partying, short sellers watched their fortunes nosedive. Short sellers are down over $2.6 billion in under three months, almost half of the $6 billion in losses they’ve suffered in 2023. Ouch!Â