- An anonymous crypto trader nicknamed “0x58bro” accrued $7 million in unrealized profits by shorting major tokens during recent market weakness, according to Arkham Intelligence.
- The trader’s $12.9 million portfolio is heavily concentrated in wrapped Ethereum, with the largest profits coming from short positions on Ethereum ($3.7M) and Ethena ($1.45M).
- This follows a pattern of large, successful bearish bets by anonymous wallets, including a trader linked to Fasanara Capital who previously profited over $10 million.
An anonymous crypto trader capitalized on the recent market downturn, racking up millions in profits by betting against major cryptocurrencies, Arkham Intelligence reported. The entity, known only by the wallet address “0x58bro,” holds a $12.9 million portfolio dominated by wrapped Ethereum positions.
The platform data showed the trader has been “shorting everything,” indicating a broad bearish strategy. Consequently, his biggest unrealized gains of $7 million came from shorting Ethereum and Ethena specifically.
This was not an isolated success, as the trader had secured substantial wins just weeks prior. Arkham posted that similar short bets on altcoins had previously netted him up to $5 million.
Similar high-profit short trades have been flagged in recent months, suggesting a pattern. For instance, Arkham reported on a trader connected to Fasanara Capital who made about $10.5 million in late January.
In a separate instance reported last December, another anonymous wallet profited roughly $12.5 million from a large Bitcoin short. These activities highlight how sophisticated traders leverage market volatility for significant gains.
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