Arthur Hayes: "Recent BTC correction not due to net capital outflows from GBTC"

Arthur Hayes, co-founder of global cryptocurrency exchange BitMEX, wrote on his website, "The recent bitcoin correction attributed to net capital outflows from the grayscale bitcoin spot ETF GBTC is unfounded. As of the 22nd, all bitcoin spot ETFs, including GBTC, had a cumulative net inflow of $820 million. Therefore, this argument is not convincing." "Personally, I believe that the bitcoin correction reflects the end of the US Federal Reserve's (Fed) Bank Term Loan Program (BTFP). Without government support through the BTFP, some banks will struggle to survive until the Fed cuts interest rates." "We believe that this bitcoin correction will bottom in the $30,000-$35,000 range. Based on this expectation, I bought a put option with a strike price of $35,000 expiring on March 29. At the same time, I closed my positions in Solana (SOL) and BONK (BONK) with a weak stop loss. If BTC goes below $35,000, I will start buying the lows, which will include Solana and WIF," he added.