Bitcoin Wallet Opens $6.45 Million Short With $38.2 Million in Losses

A Bitcoin (BTC) derivatives wallet with roughly $38.2 million in cumulative account losses opened a short position valued at about $6.45 million after closing a long trade Tuesday. By 3:26 a.m. ET (08:26 UTC), the short covered 84.08833 BTC. The $6.45 million figure describes the value of the open position, while the $38.2 million figure reflects the account’s cumulative losses. It is not the loss on the new short. During the trading window, the wallet first opened a Bitcoin long worth about $6.88 million and then closed it before taking the short position.