A trader who started shorting bitcoin at its top just closed his position

Mark Dow, a trader who runs a Southern California family office, has closed his short position on bitcoin almost a year after opening it at the height of the crypto's meteoric rise. "I’m done. I don’t want to try to ride this thing to zero,” Dow told Bloomberg News in an interview. “I don’t want to try to squeeze more out of the lemon. I don’t want to think about it. It seemed like the right time.”

Dow also said on Twitter that he doubts he will ever short bitcoin again and added that he has "absolutely zero interest in going long." The former International Monetary Fund economist made a bet bitcoin would decline following the launch of bitcoin futures in the U.S. And it has paid off. (Source: Bloomberg)

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Frank Chaparro covers the intersection of financial markets and cryptocurrency as Editor-at-Large. Since joining the publication in 2018 as its first reporter, he has played a key role in building The Block into a leader in financial journalism and research. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected]

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