Bitcoin’s downward trend has intensified, dropping below $89,000, with altcoins also seeing significant losses.
BitMEX co-founder Arthur Hayes believes this decline could continue, predicting a fall to $70,000.
According to Hayes, hedge funds holding Bitcoin ETFs are driving the sell-off.
Many of these institutional investors take long positions in ETFs while shorting Bitcoin futures on the CME, aiming to secure higher returns compared to short-term U.S. Treasury bonds.
However, if the gap between ETF prices and futures contracts narrows, these funds may start offloading their ETF holdings and repurchasing futures, increasing selling pressure.
Hayes warns that if this trend continues, Bitcoin could dip as low as $70,000, signaling a potential bear market ahead.
According to the latest Santiment report, the crypto market is entering a critical phase, with a mix of bullish on-chain signals and cautionary sentiment indicators.
In a stunning on-chain event that has reignited curiosity across the crypto community, more than $8.6 billion worth of Bitcoin linked to the network’s earliest years—commonly referred to as the “Satoshi era”—was quietly moved on Friday in what analysts believe is the largest single transfer of early-mined BTC ever recorded.
The parent company behind the iconic esports brand Ninjas in Pyjamas (NIP) is taking a sharp turn into the world of Bitcoin mining, signaling a significant evolution from pure entertainment to digital infrastructure.
Mexican billionaire and Bitcoin enthusiast Ricardo Salinas has renewed his warning about the risks of fiat currency systems, urging people to reconsider their financial strategies in light of what he believes is an impending monetary collapse.