Whale Made $5M Overnight Shorting BTC, ETH, and MATIC

An anonymous whale shorting an asset on the right platform at the right time made $5 million overnight, outperforming 99% of traders in the market.

Whales opened multiple short orders on the GMX platform on the Polygon and Arbitrum chains, shorting BTC, ETH and MATIC.

Currently the largest whale position is to short WETH/USDC position, with a profit of $1.3 million, which has not been closed yet.

However, whales are said to hold large amounts of Bitcoin and Ether in addition to their short positions.

Source: Debank

Shorting is the act of borrowing an asset and selling it in anticipation that the price will fall, allowing the borrower to profit by buying the asset back at a lower price and returning it to the lender.

Professional traders who short an asset typically have extensive market knowledge and advanced trading tools that allow them to make informed decisions and maximize profits.

It’s worth noting that short positions can be risky, as the price of an asset can rise unexpectedly, leading to significant losses. Still, the anonymous whale in this case appears to have made some smart moves, and has reaped a tidy profit as a result.

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According to USA Today

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