Trader Earning 22 Million Dollars Turned to Bitcoin Downtrend.

A trader tracked with on-chain data has made a profit of 22 million dollars in just 7 trades while taking a bearish position on Bitcoin prices this time. Trader actions that stand out with successful trades in the cryptocurrency market are closely monitored by investors. According to recent data shared by Lookonchain, a trader known by the address pension-usdt.eth has made a remarkable move with a clear change in direction regarding their Bitcoin position.

The trader closed a long position opened with bullish expectations and instead opened a 1,000 Bitcoin sized 3x leveraged short position. The total size of the opened position is approximately 89.6 million dollars. This move attracted attention in the markets as it came at a time when the Bitcoin price was squeezed at critical levels. The most striking aspect of the trade was the trader’s past performance.

On-chain data shows that the pension-usdt.eth wallet closed all of its last 7 trades profitably. The total profit obtained from these trades has exceeded 22 million dollars. This statistic places the trader among the addresses monitored for short-term market direction. So, is this a bearish signal for Bitcoin? The two-sided positions of successful traders can provide clues about short-term market expectations. However, experts remind that such trades alone are not definitive indicators of direction and that leveraged trades carry high risks.

In these days of increased volatility in Bitcoin prices, it is emphasized that individual investors must prioritize risk management when evaluating similar trades. Several factors need to be considered; liquidity, market sentiment, and technical support and resistance levels. The trader's move may also urge investors to develop new strategies and remind them to be cautious.