A smart fund's short-selling strategy faltered amid a market surge, with XRP losses significantly impacting overall performance.
A smart fund leveraging $2.82 million in USDe has reported a total loss of $12.48 million after employing a short-selling strategy that included significant losses from XRP, which alone accounted for $9 million. Currently, only 38% of the fund's 26 short positions remain profitable, reflecting the challenges of navigating a volatile cryptocurrency market.