Summary
- "Bitcoin (BTC) continues to decline, and it was reported that it could fall to $70,000 due to hedge fund movements."
- "Hedge funds holding BlackRock's Bitcoin spot ETF (Exchange-Traded Fund) are seeking profits by utilizing short selling in the futures market."
- "Hayes mentioned the possibility of additional Bitcoin decline if hedge funds liquidate their positions when the price difference between Bitcoin ETFs and futures narrows."
As Bitcoin (BTC) continues to decline, opinions have emerged suggesting this downward trend could intensify further.
On the 24th (local time), Arthur Hayes, co-founder of BitMEX, stated, "A Bitcoin bear market is coming. Bitcoin could fall to $70,000."
He cited hedge fund movements as evidence. Hayes explained, "Hedge funds holding BlackRock's Bitcoin spot ETF simultaneously purchase the ETF while shorting Bitcoin futures in the futures market. This is because they can profit from this strategy."
He further added, "However, when the price gap between Bitcoin ETFs and futures narrows, hedge funds will sell their ETFs and buy back futures. If they pursue profit-taking through position liquidation, Bitcoin could fall to $70,000."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
