Binance (global crypto exchange) account nets $12.38M after over $1M loss shorting silver, gold

According to on-chain analyst Ai Yi, a Binance trader overcame initial losses shorting silver, then shorted gold, achieving $12.38M peak profit and leading Binance’s Smart Money 30-day rankings.

Summary

On February 8, on-chain analyst Ai Yi disclosed that a Binance account, identified as SMXKX, began shorting silver in late January, incurring losses exceeding $1 million. The trader then shorted gold at its January 29 high. By February 5, the account’s profits reached a peak of $12.38 million, ranking first on Binance’s Smart Money 30-day leaderboard.

Terms & Concepts
  • On-chain analysis: The use of public blockchain data to track wallets, flows, and market behavior.
  • Short selling (shorting): A trading strategy that profits if an asset’s price declines.
  • Binance: A major cryptocurrency exchange serving global users.