How far can Bitcoin (BTC) fall? Arthur Hayes explained the bottom level he was waiting for!

BitcoinThe decline in the last 24 hours continues. BTC falls below $ 89,000, while the decline in the subcoins deepens.

With its predictions and shares Arthur Hayes, Founding Partner of Bitmex, He claimed that Bitcoin could fall up to $ 70,000.

Hayes, Bitcoin’deki decline expectation is based on the increase in the sales of large hedge funds, he said.

Stating that the big hedge funds, which own ETF, started to close the positions, Hayes said that this situation created more sales pressure on Bitcoin.

Arthur Hayes said that many IBIT owners have hedge funds and they have achieved higher return than short -term US treasury bonds by taking short positions in ETFs and CME futures.

According to the famous name, with a decrease in BTC price, if the difference between ETF prices and term transactions is narrowed, these funds will sell IBIT and buy CME futures back transactions.

“Bitcoin bear market is coming, Bitcoin may drop to $ 70,000.

Most of Blackrock’s Bitcoin Spot ETF holders are hedge funds that fall into short -term US treasury bills to get higher returns from the funding of Long term ETF, Short CME futs.

Hedge funds that hold IBIT are taking ETF at the same time while shorting Bitcoin futures in the futures market. This is because they can make profits from this strategy.

However, when the price difference between Bitcoin ETFs and term transactions narrows, hedge funds will sell ETFs and buy CME futures back.

If the funds continue to make profits through position liquidation, Bitcoin may drop to $ 70,000. ”

Bitcoin continues to be traded for $ 88,500 during writing.

#Bitcoin goblin town incoming:
Lots of $ 4 holders are hedge funds that went long ETF short CME future to earn a yield greater than where they fund, short term US treasuries.

If that basis drops as $BTC falls, then these funds will sell $ 4 and buy back CME futures.

These… pic.twitter.com/3PskTxrBPR

— Arthur Hayes (@CryptoHayes) February 24, 2025

*It is not an investment advice.