Cryptomonnaies

How the ‘Big Short DAO’ Bet Against the Crypto Market and Won

The pseudonymous crypto trader @GiganticRebirth was feeling bearish at the market top last November. Here’s how his team of alpha hunters say they made money shorting altcoins in the ensuing sell-off.

In late November, a pseudonymous crypto trader behind the Twitter handle @GiganticRebirth issued a warning to his legion of over 85,000 followers. “High confidence interval that we’re very late in the cycle [and that cycles still exist],” he wrote. “Secure your freedom if you’ve won it.”

@GiganticRebirth, who also goes by GCR (an acronym for Gigantic-Cassocked-Rebirth), said he was feeling increasingly bearish about the cryptocurrency market, which had just enjoyed a 20-month-long bull run that showed no signs of stopping.

As others shilled predictions of “a new crypto supercycle” or “bitcoin to $100K,” GCR was planning a different, contrarian trade: a big short, or a major bet against overvalued altcoins that would generate massive profits if his bearish views played out.

To pull off the trade, he says he assembled a smattering of part-time crypto researchers, ranging from a professional poker champion to a medical student. They shared their findings with each other in a Discord channel and traded on their own.

GCR says he shorted nearly 30 different tokens across multiple exchanges at the height of crypto fervor last November. In January, he tweeted out a screenshot of a trading dashboard from the FTX crypto exchange, purportedly showing big profits from the gambit.

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