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Arthur Hayes|Feb 24, 2025 23:41
#Bitcoin goblin town incoming:
Lots of IBIT holders are hedge funds that went long ETF short CME future to earn a yield greater than where they fund, short term US treasuries.
If that basis drops as BTC falls, then these funds will sell IBIT and buy back CME futures.
These funds are in profit, and given basis is close to UST yields they will unwind during US hours and realise their profit. 70,000 I see you mofo!
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