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Who is Trader ‘Crypto Face’ – And Why Did He Short $5 Million Worth of Bitcoin?

Published June 27, 2024 2:55 PM
Eddie Mitchell
Published June 27, 2024 2:55 PM
Key Takeaways
  • Legendary crypto trader Crypto Face placed a $5 million short position on Bitcoin.
  • Bitcoin ETFs have seen over $1 billion in outflows throughout June.
  • Bitcoin miners sold 50,000 BTC since January, dipping miner reserves to 14-year low.

An anonymous crypto trader has opened a $5 million short position in Bitcoin (BTC) as the crypto markets enter into bearish territories.

So who exactly is the high-risk online sensation, and why did he short Bitcoin?

$5 Million BTC Short

Legendary anonymous crypto trader and YouTuber, Crypto Face , has placed a $5 million  short position on Bitcoin (BTC) with a $64,500 liquidation point.

Crypto Face, who famously makes risky bets, has taken another huge risk amidst a worrisome bear market. Just some hours later, Crypto Face began lamenting his trade. Things may not have gone so well. Posting some hours later to update his followers on the trade, Crypto Face shared the following.

It appears the short bet didn’t pay off and has cost Crypto Face some thousands. Fortunately, this isn’t his first rodeo.

Who is Crypto Face?

With zero training and no intention of following a regular 9-5 career, Crypto Face began making his own bots and started feverously trading cryptocurrencies.

In January 2018, Crypto Face uploaded his first video to YouTube that featured his own trading bot platform where he claimed he would earn 1% – 3% every day.

Since then, he has amassed 220k subscribers to his YouTube and over 160k followers on Twitter, largely due to his wildly ambitious and risky trades . Ironically, Crypto Face holds the title for both the largest profit and loss ever captured on live stream.

This trade hit multiple times, bagging him a $2 million profit within 6 hours. On the loss side, he also lost over $300k  in 48 hours.

Why did he Short Bitcoin?

Crypto Face’s move comes amid increasing crypto market woes, with pressure originating from a couple of key angles.

Firstly it would appear that a historic dump of 30,000 BTC tokens by miners throughout June has caused miner reserves to hit a 14-year low of 1.9 million BTC. This figure is down a total of 50,000 since the start of the year.

U.S. spot Bitcoin exchange-traded funds (ETFs) also saw over $1 billion in outflows throughout June according to data  from SoSoValue. Arguably, it is this interplay between ETFs and miners that has created a supply shock, consequently applying downward pressure on the markets.

At the time of writing, BTC  is trading above $62k, and is around 10% down in value since the start of June 2024.

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