Arthur Hayes: Bitcoin bearish to $70,000

PANews February 25th news, BitMEX co-founder Arthur Hayes posted on the X platform that many IBIT holders are hedge funds, and they earn higher returns than short-term US Treasury bonds by long ETFs and short CME futures. If the price of BTC decreases, the funds will sell IBIT and cover CME futures. These funds are currently profitable, and considering the basis is close to US Treasury yields, they will close positions during the U.S. trading session to cash in on profits, Bitcoin I bearish to 70,000 USDT.