Bitcoin Bear Gets Burned 14 Times in 5 Days – Then Opens Another Major Short

Bitcoin experienced its most impressive weekly rally in three years last week when it surged from under $65,000 to almost $80,000 in the span of less than 48 hours.

Such explosive moves are typically followed by a sharp retracement as investors tend to secure profits, especially following weeks and months of sideways activity without any major gains.

BTC has indeed corrected slightly since that three-month high, but remains rather stable at around $77,000. However, one bear continues to believe that a more profound decline is right around the corner.

Lookonchain shared one major bear’s activity, in which the anonymous trader opened yet another big short (no pun intended). On-chain data showed that the latest position is a 40x short on 300 BTC, currently worth over $23 million.