Odaily reported that BitMEX co-founder Arthur Hayes posted on saying: "If Trump cannot pass the budget through increased spending and raising the debt ceiling, (Bitcoin) will return to the pre-election victory level of $75,000 to $70,000. This is a test of how strong Trump's influence is on the Republican Party." Previously, BitMEX co-founder Arthur Hayes posted on saying that many IBIT holders are hedge funds that earn higher returns than short-term US Treasuries by going long on ETFs and short on CME futures. If the BTC price drop causes the basis to narrow, 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 the US trading session to realize their profits. I am bearish on Bitcoin, seeing it fall to 70,000 USDT.