Former BitMEX CEOmost of the “irresponsible organizations” will sell Bitcoin (BTC) He thinks that the Bitcoin price may have reached the bottom after it has run out.
Cryptocurrency former CEO of platform BitMEX Arthur Hayesthinks that the worst for Bitcoin may be over.
The Biggest And Most Irresponsible Organizations Have Run Out Of BTC To Sell In This Cycle
“Looking ahead, almost everyone who could have gone bankrupt has gone bankrupt,” he said in an interview with crypto advocate and podcaster Scott Melker on Dec.
Hayes detailed his stance, explaining that when central lenders are in financial trouble, they will usually take the loans first, then sell BTC because it operates as the “reserve asset of crypto” and the “most intact asset and most liquid.”
“When you look at the balance sheet of any of these actors, they don’t have Bitcoin on them. Because what they did, they sold Bitcoin when they went bankrupt, they sold Bitcoin during the wave before they went bankrupt,” he said.
Hayes made a similar argument in a December 10 blog post, explaining that while this “credit crunch continues,” large volumes of physical BTC were sold on exchanges, both from companies trying to avoid bankruptcy and from trading companies whose loans were recalled and had to liquidate their positions.
“I can’t prove that all the Bitcoin held by these bankrupt institutions was sold during the multiple crashes, but it looks like they did their best to liquidate the most liquid crypto collateral they could just before they crashed.”
After the collapse of crypto exchange FTX and the ensuing decline, the market is still in the grip of a crypto winter, but Hayes believes the market could see some recovery in 2023.
*Not investment advice.
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