A certain smart fund is shorting alts with unrealized losses exceeding 12.48 million dollars, with losses on XRP reaching as high as 9 million dollars.

PANews, July 21 news, according to Ai Yi analysis, a savvy fund that previously used 2.82 million USD to leverage 14.81 million USDe in gains has recently encountered unrealized losses by shorting a basket of altcoins, with cumulative losses reaching 12.48 million USD. Before May this year, the shorting strategy performed excellently, but with the recent sharp pump in the market, the strategy quickly pulled back profits. This fund adopted a shorting approach of "high market capitalization large position, low market capitalization small position," holding long positions only in BTC and AAVE, while only 38% of the 26 short positions were in unrealized gains. Among them, the loss of a single XRP reached 9 million USD, becoming the main source of losses.