A derivatives account held a short position covering 84.08833 Bitcoin (BTC) early Tuesday after closing a long, reversing the direction of its exposure to the asset.
The short was valued at about $6.45 million at 3:26 a.m. ET (08:26 UTC). Earlier in the trading period, the account had opened a long worth roughly $6.88 million. It closed that position before establishing the short.
A long benefits from a rise in Bitcoin’s price, while a short benefits from a decline. The two trades therefore placed the account on opposite sides of a price move at different points in the trading period. Their dollar values describe the positions’ sizes, not the gains or losses from either trade.
The account is associated with address 0x1f250df59a777d61cb8bd043c12970f3afe4f925. Its reported cumulative losses stood at about $38.2 million. That figure is an account total; it does not measure the outcome of the new short.
