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Bitcoin’s Rally Burns $6B for Short Sellers

  • Coinbase jump accounts for more than half of losses in 2023
  • Rising prices may squeeze shorts and lead to covering: S3

Bitcoin’s blistering rally in 2023 has made betting against cryptocurrency company stocks a losing bet for short sellers.

Traders betting on declines in crypto-related companies such as Coinbase Global Inc.MicroStrategy Inc. and Marathon Digital Holdings Inc. have accumulated paper losses of $6 billion so far this year, according to data from S3 Partners LLC.

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