🚨 A trader with a 95% win rate just has $103 million caught in a pairs trade that is bleeding $3.58 million in unrealised losses. Short $75M ETH at 23x, long $28M BTC at 20x. The thesis was $ETH underperforms $BTC on the way down. Instead both legs are losing at the same time. Two numbers matter now. If ETH hits $1,685 and BTC hits $50,529 he's getting wiped out right away. This is what being right 95% of the time and wrong at size actually looks like.
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