Arthur Hayes, the former CEO of crypto derivatives platform BitMEX, thinks the worst might be over for Bitcoin (BTC) this cycle as the "largest most irresponsible entities" have run out of BTC to sell.
"Looking forward, pretty much everyone who could go bankrupt has gone bankrupt,” he said in the Dec. 11 interview with crypto advocate and podcaster Scott Melker.
"When you look at the balance sheet of any of these of the heroes, there's no Bitcoin on it because what do they do, they sold the Bitcoin as they were going bankrupt, they sold the Bitcoin during the wave before they went bankrupt."
In "PEMDAS" I argue that $BTC has bottomed, and then talk about which type of #crypto's I will hold while waiting for the money printer to go brrr once more.https://t.co/JNAQ7VK0Ec pic.twitter.com/IV4Td1UTda — Arthur Hayes (@CryptoHayes) December 9, 2022 "This is why the price of Bitcoin swoons before CELs go bankrupt.
"I can’t demonstratively prove that all Bitcoin held by these failed institutions was sold during the multiple crashes, but it does look as if they tried their best to liquidate the most liquid crypto collateral they could right before they went under."
"I believe the US Treasury market will become dysfunctional at some point in 2023 due to the Fed’s tightening monetary policies," he said, adding: "At that point, I expect the Fed will turn the printer bank on, and then boom shaka-laka — Bitcoin and all other risk assets will spike higher."
Source: Cointelegraph
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