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.
