Short-selling traders of cryptocurrency stocks have lost over $2.6 billion in the past three months, with 50% of the losses attributed to shorting Coinbase.

According to BlockBeats news on December 7th, since Bitcoin hit a three-month low of $25,152 on September 11th, its price has surged 75% to the current $43,924. This momentum has caused short-term traders of cryptocurrency stocks to lose more than $2.6 billion in less than three months. The latest report from financial data company S3 Partners shows that cryptocurrency stocks represented by Coinbase and MicroStrategy have followed Bitcoin's lead in rising, catching short-sellers off guard. With Bitcoin's strong rebound, Coinbase's stock price has risen 51% in the past month to $143.63, while MicroStrategy, which holds about $6.6 billion in Bitcoin, has risen 82% since October to $568.88. These huge stock price fluctuations have caused short-sellers of cryptocurrency stocks to lose $2.656 billion in the past three months, with over 50% of the losses coming from shorting Coinbase stock and another 25% from shorting MicroStrategy stock.