Short on GBTC absolutely crushes it
On Monday, infamous short seller Andrew Left of Citron Research announced he was shorting the Bitcoin Investment Trust at $3200. The company simply bought and stashed away Bitcoin but it was trading at a 100% premium to the Bitcoin it held.
So he shorted it. We wrote about it at the time.
In the next four days, the gap narrowed to about 20% and then today it fell another 25% along with Bitcoin.
That's around a 60% profit in less than five days, in one of the quietest trading days of the year.
So Citron is wish everyone a happy holidays and sipping champagne for Christmas.
By the way, Riot Blockchain is down around 50% as well.
