PANews reported on September 29th that according to on-chain analyst Yu Jin, as major cryptocurrencies rebounded at 6:00 PM, trader @qwatio closed out his BTC and XRP short positions with stop-loss orders to avoid liquidation risk. This short-selling operation resulted in a loss of $3.45 million.

However, five minutes after closing their positions, the trader opened a new position: continuing to short XRP. This trader's characteristic is that after closing their positions, they immediately reopened in the same direction, but at a higher price than the previous closing price of $2.71, to $2.85. Notably, the liquidation price for this new position was set at $2.91, only about two percentage points away from the current price.