Unknown Trader Gains $7M from Shorting, Outperforming High-Profile Losses

An anonymous trader, dubbed as 0x58bro, has garnered $7M in unrealized profits by shorting Ethereum and other cryptocurrencies, as revealed by Arkham's on-chain intelligence data. This success comes while many high-profile crypto traders are recording significant losses. 0x58bro, who holds a portfolio of nearly $13M, has made substantial gains from shorting ETH and ENA, despite the market volatility. The trader also holds over $7.5M in Aave’s interest-bearing ETH token and $5M in Aave’s USDC deposit token, indicating a strategic approach. Meanwhile, other traders such as Machi Big Brother and institutions like Trend Research have incurred losses to the tune of $28M and $869M respectively. Whether 0x58bro will maintain his short positions or join the accumulating addresses betting on a rebound remains to be seen.