Trader with Nine-Win Streak Loses $1.78M on Single Short Position

A trader who had achieved nine consecutive profitable trades closed a 40x leveraged short position of 500 BTC at a loss exceeding $1.78 million on Dec. 2, Lookonchain data show. The trader had accumulated $2.12 million in profits across the nine winning trades. The single short position loss of over $1.78 million nearly wiped out the majority of previous gains.