Bitmex co-founder Arthur Hayes stated that the recent Bitcoin plunge was likely due to hedging by dealers linked to structured products tied to BlackRock's spot Bitcoin ETF (IBIT). He added that he pl...

Bitmex co-founder Arthur Hayes stated that the recent Bitcoin plunge was likely due to hedging by dealers linked to structured products tied to BlackRock's spot Bitcoin ETF (IBIT). He added that he plans to compile a complete list of all bonds issued by banks to better understand the trigger points that could cause sharp price increases or decreases. Hayes explained that when the rules of the game change, investors must adapt as well.

Arthur Hayes: BTC plunge linked to IBIT, says the rules of the game have changed

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another sharp drop, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Jeff Park, CIO of Bitwise, offers a new analytical framework from the perspective of options and hedging mechanisms. [...]

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