A short-selling whale that profited over $86 million has already suffered a paper loss of over $4 million on 28 altcoins and crude oil.

CoinFeed reported on May 9th that, according to Ai Yi, a whale account that previously profited approximately $86.36 million by shorting a basket of altcoins is now experiencing a floating loss of about $4.06 million on its 29 short positions. The account shorted 28 altcoins including ZEC, TON, NEAR, and LIT, as well as crude oil futures (CL), with a total position value of approximately $47.66 million, and continued to add to its positions. Its holdings were still showing a profit before May 4th, but subsequently turned negative due to a general market rally driven by expectations of the war ending.