One bad BTC short wipes out 11 winning trades — $1.94M loss in a single close.

On-chain data shows trader 0x004e closed a 700 BTC short worth $56.68M roughly an hour ago, booking a $1.94M loss in the process. The position was the largest the wallet had taken in the asset.

The brutal part: the trader had strung together 11 consecutive winning BTC shorts totalling $1.71M in profit. This one trade erased every dollar of that run and then some, leaving the wallet net negative on BTC shorts overall.

It's a sharp reminder of how leveraged short positions in a volatile asset can unwind months of disciplined trading in a single session.