Crypto Bear Doubles Down, Shorts MATIC, SOL, Aave, And More

A well-known crypto trader who has been negative on the markets for digital assets all year is doubling down on his expectations and increasing his short position on one large-cap token.

The  trader Capo tells his 64,703 Telegram followers that he is adding to his short on Polygon (MATIC), a scaling option for Ethereum (ETH).

At the time of writing, the price of MATIC is around $0.903. The market value of the 11th most valuable cryptocurrency has gone down by 0.55% in the last 24 hours.

Capo says that 65% of his money is in the US dollar and 35% is in short options for the middle term.

In addition to MATIC, he is shorting Binance Coin (BNB), the utility coin of the BNB Smart Chain, the lending and borrowing decentralized finance (DeFi) protocol Aave (AAVE), the decentralized storage and distribution platform Tron (TRX), and the Ethereum competitor Solana (SOL).

The trader said earlier this month that Bitcoin (BTC) would fall to $12,000 and Ethereum (ETH) could fall by well over 70%. He says that the bear market is still going on and that Bitcoin’s recent rise from $15,700 to $30,000 was just a correction that is now over.

Capo is known in the cryptocurrency world for correctly stating in May of last year that Bitcoin would keep falling.