Trader loses $1.9M on 700 BTC short, wiping out $1.71M gains from 11 winning trades

A trader closed a 700 bitcoin short position at a $1.94 million loss, erasing $1.71 million in profits from 11 previous winning short trades. The loss was triggered by Bitcoin's price rising above $81,000, causing a short squeeze that forced leveraged short sellers to cover their positions. This event highlights the risks of increasing exposure after consecutive wins, especially in volatile crypto markets. Institutional buying and macro factors contributed to Bitcoin's price surge, which led to forced liquidations across exchanges.