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Arthur Hayes, co‑founder of BitMEX, has pointed to hedging tied to BlackRock’s iShares Bitcoin Trust (IBIT) as a major driver behind the recent Bitcoin sell‑off.
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According to Hayes, dealer hedging related to IBIT and similar structured products can force large, mechanical selling when markets move against those positions.
Reports note that such moves can amplify a price drop already set off by other pressures.
Heavy Hedges Can Trigger Sudden Selling Pressure: Hayes
Hayes argues…
