As the bear market continues in the cryptocurrency industry, hedge funds are increasing their short positions against Bitcoin (BTC) miners.
As anyone who follows the markets knows, bitcoin Cryptocurrencies, especially cryptocurrencies, have suffered serious losses in the past year. In addition to bad macroeconomic conditions, FTX Added to the collapse of a leading stock market, such as the recent downtrend, has accelerated. aware of this situation hedge funds On the other hand, he thinks that the next wave of decline will happen on Bitcoin miners and increases his positions against mining companies.
Financial Times (FT) According to the news presented by Hedge funds, mining companies are behind this attitude. financial uncertainty lies. Increasing costs and low profit rates, especially in recent years, strengthen the concerns about how miners will get out of the debt swamp they are in.
Chief Investment Officer (CIO) of Crawford Fund Management, who made statements on the subject. Chris Crawfordexplained why they increased their short positions in the following terms:
Cryptocurrencies have been trading far below the points where they rose last year for a while. We also had a short position here for a while. Frankly, they took on serious debts and it is not clear whether they will be able to close the gap created by these debts.
of Nasdaq According to data, it is one of the largest miners traded on the US stock exchanges. Marathon Digitalto the short-term interestin the weeks after the collapse of FTX increased by 36 percent. Marathon’s bad economic situation may lie behind this short-sided pressure. past In the third quarter report company’s production targets and 86.5 million to $103.6 million It was announced that the mining profits were well behind the estimates of the mining profits.