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Ex-CEO of BitMEX Takes Negative Position on Bitcoin, Predicts Drop Below $40,000

Ex-CEO of BitMEX Takes Negative Position on Bitcoin, Predicts Drop Below $40,000

Strategic Investment Move

Former BitMEX CEO Arthur Hayes has strategically entered the market by acquiring put options with a strike price set at $35,000. Hayes envisions a potential 10-15% decline in the face of existing selling pressure, aiming to guide the cryptocurrency below the crucial $40,000 support level.

Disclosing Trading Strategies

In a recent tweet, Hayes openly shared details of his strategic move. He has obtained put options, allowing him to sell “imaginary” Bitcoin at the predetermined price before March 29th, 2024.

Key Market Influencers

Hayes identifies the upcoming US Treasury quarterly refunding announcement, expected by January 31st, as a pivotal factor influencing Bitcoin’s value. He expresses concern about potential indications of high interest rates, which could deter crypto investors and contribute to the anticipated decline in Bitcoin prices.

Additionally, Hayes discloses a strategic decision to liquidate his trading positions in Solana and Bonk, resulting in marginal losses.

Analysing Market Trends

Martinez suggests that Bitcoin could potentially drop to $32,700, reflecting patterns seen in previous market cycles. Despite the current 20% dip, Martinez remains hopeful, seeing this as a temporary setback before Bitcoin resumes an upward trajectory.

Presently, Bitcoin’s price stands at $39,921, indicating a 3.6% drop in the last 24 hours and a 7% decrease in the last seven days.

Hot Take

Arthur Hayes’ strategic move to acquire put options with a strike price set at $35,000 indicates his anticipation of a potential decline and concern about the possible outcomes of the US Treasury quarterly refunding announcement. The market trends and current price reflect these strategic moves and concerns, which could have a significant impact in the market in the coming weeks.

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Ex-CEO of BitMEX Takes Negative Position on Bitcoin, Predicts Drop Below $40,000