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Crypto short-sellers rake in nearly $4 billion amid sell-off

Yahoo Finance Video

Yahoo Finance's Alexandra Semenova joins the Live show to look at the state of the crypto market sell-off amid short-seller bets and bitcoin's volatile pricing.

Video transcript

RACHELLE AKUFFO: Well, BitBoy founder Ben Armstrong predicts that Bitcoin will hit a bottom of $14,000 by November. And while Bitcoin believers are bracing for the worst, traders shorting crypto-related stocks saw a 126% return. Well, for more on this, Yahoo Finance's Alexandra Semenova is here. Alexandra, what do we need to know?

ALEXANDRA SEMENOVA: Well, guys, short-sellers are cashing in on the crypto crash. Traders who bet against crypto-related companies are sitting on about $4 billion in profits. That's according to data from S3 Partners. So as we saw earlier this week, companies that are focused on crypto saw just tremendous downturn amid the broader selloff in Bitcoin, Ethereum, and other tokens. And for short-sellers who bet against companies, that was a tremendous and incredibly profitable opportunity. And they're really cashing in on that.

DAVE BRIGGS: Alexandra Semenova, appreciate that. Very good stuff. Thank you.