A tracked wallet address, identified as bowen1476, opened its 15th bitcoin short position in five days on August 24. The new trade consists of a 40x leveraged short on 300 BTC valued at approximately $23.13 million, with an entry price near $77,100.
The latest position follows 14 straight losing trades during the same five-day stretch, which wiped out a combined $4.56 million. On-chain data indicates the trader has not recorded a winning short since a May trade involving 700 BTC.
The heavy losses coincide with a broader market rally that pushed bitcoin up 22% over a seven-day period, reaching a high of $79,500. According to analysts, the upward momentum was largely driven by the U.S. Treasury doubling its long-dated bond buyback operations from $2 billion to $4 billion per operation, alongside public remarks from President Trump urging Congress to pass the Clarity Act.
The intense market movement triggered a widespread short squeeze, resulting in the liquidation of over 172,000 short positions and wiping out roughly $3 billion in bearish bets within a single 24-hour window, including a separate short liquidation for the same wallet on August 19. To turn a profit, the trader's newest 40x short position requires bitcoin to fall back below its entry level.
