Bitcoin’s latest sharp selloff has reignited debate over what truly drives price action in today’s crypto market. While many initially blamed retail panic or macro uncertainty, BitMEX co-founder Arthur Hayes offered a very different explanation. According to Hayes, the recent drop in Bitcoin’s price was not fueled by fear among everyday traders but by institutional dealer hedging tied to structured products linked to BlackRock’s iShares Bitcoin Trust (IBIT). As Bitcoin slid aggressively toward the $60,000 level, Hayes argued that automated risk management systems inside major banks played a central role in accelerating the move. His comments highlight how the growing
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