Arthur Hayes: BTC bearish to 70,000 USD

ChainCatcher news, BitMEX co-founder Arthur Hayes stated on social media, "Many IBIT holders are hedge funds that earn returns above short-term U.S. Treasury yields by going long on ETFs and shorting CME futures. If the BTC price drops and causes the basis (i.e., the difference between ETF price and futures price) to narrow, these funds will sell IBIT and cover CME futures. These funds are currently profitable, and considering the basis is close to U.S. Treasury yields, they will close their positions during U.S. trading hours to realize profits. I am bearish to $70,000."