Smart Trader Starts Shorting Ethereum and Bitcoin after Generating $34M Profit

On Monday, a smart crypto trader shifted their trading strategy in the case of Bitcoin ($BTC) and Ethereum ($ETH). This comes after the trader, going by “58bro.eth,” has started shorting Bitcoin ($BTC) and Ethereum ($ETH) after making significant gains. As per the data from Lookonchain, the trader has gained a total profit of up to $34M. Additionally, the trading journey of the trader shows a staggering 91% rate of winning.

58bro.eth Shows Bearish Shift with $BTC and $ETH Shorting Amid Speculation of Market Reversal

In line with the market data, the trader “58bro.eth” has begun shorting Ethereum ($ETH) and Bitcoin ($BTC) at the start of this week, following making substantial gains of $34M. Particularly, as the trader has a 91% rate of winning across 67 trades, this move denotes a potential shift in the wider market trajectory. Presently, the trader’s account has a value of $4.88M.

Thus, opening short positions on Ethereum ($ETH) and Bitcoin ($BTC) denotes a resilient bearish outlook as the market is going through notable volatility. The market statistics reveal that the trader maintains a leverage of 5.3x along with a margin usage of up to 1709%. This suggests an aggressive trading outlook.

Bearish Sentiment Meets Institutional Reassessment

In this respect, the open positions of the trader include 5,300 $ETH, accounting for $12.55M, and 175 $BTC, equaling $13M. Irrespective of the high leverage, the heightened win rate, as well as an all-time $34.4M PNL, display the trader’s robust strategy. At the same time, their total trading volume has exceeded $715M. According to Lookonchain, the trader 58bro.eth’s latest shorting points toward a potential trend shift and likely short-term corrections following rallies.

At the moment, $BTC is trading at $74,372.03, showing 4.89% rise over 24 hours while its weekly and monthly trajectories show 8.07% and 3.95% surges. Additionally, $ETH’s current price is $2,362.89, displaying 7.93% and 11.89% increase in daily and weekly performance, while its 30-day price outlook presents a 12.38% jump.