Arthur Hayes, former CEO of crypto exchange BitMEX, has said that BTC has hit the low of the current cycle, as almost all “irresponsible organizations” have run out of BTC to sell.
According to him, in times of financial difficulty, centralized lending firms often first turn to loans and then sell bitcoin, which acts as a reserve liquid asset. He has added:
“When you look at the balance of any of these heroes, you won’t see Bitcoin there. They sold it during the wave before they went bankrupt.”
He has previously explained on his blog the reasons for the fall of BTC even before the bankruptcy of centralized credit companies.
According to him, the period of large-scale liquidations has come to an end.