🔥 Arthur Hayes, former CEO of BitMEX, is saying that the recent BTC price drop is most likely due to large banks having to hedge against risks from Derivative financial products related to BlackRock's Bitcoin ETF, IBIT. This means that when the price reaches certain levels, they are forced to buy or sell Bitcoin quickly to protect themselves, thereby creating sudden selling pressure and causing the price to plummet, rather than due to bad news or panic among retail investors.
He is currently trying to identify these hidden trigger points because they can cause very sharp increases or decreases, in the context of today's Bitcoin market being increasingly dominated by ETFs, Wall Street products, and complex financial mechanisms instead of simply supply and demand. Therefore, those who still think and trade as they did in 2017 will face many difficulties and be forced to adapt to this new reality.