Odaily reported that BitMEX co-founder Arthur Hayes posted on X platform, stating that many IBIT holders are hedge funds that earn yields higher than short-term US Treasuries by going on ETFs and on CME futures. If BTC price drops and the basis narrows, these funds will sell IBIT and buy back CME futures. These funds are currently profitable, and considering the basis is close to the US Treasury yield, they will unwind their positions during US trading hours to realize their profits. I am bearish on BTC, seeing it drop to 70,000 USDT.