Arthur Hayes says institutional “hedging” tied to structured products linked to BlackRock’s IBIT could be intensifying Bitcoin’s selloff.
Arthur Hayes says BlackRock IBIT hedging drove Bitcoin volatility through structured products and triggered flows.
Perps have funding. If longs are crowded, funding turns expensive. That can force long holders to reduce exposure. Futures also have basis (futures price vs spot). When basis compresses or flips, it ...
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