Arthur Hayes has squoze his short BTC trade after weekend doubts about a deep correction. As per our coverage on Sept. 6, Hayes, the former CEO of the BitMEX cryptocurrency exchange, said BTC (tickers down $53,817) could go below the $50,000 psychological level this weekend while opening a short position.
Easing investor concerns, Hayes announced the closure of his short Bitcoin position, expecting a potential Bitcoin rally as soon as next week. He wrote in a Sept. 8 X post:
“Stopped $BTC short, 3% profit enough to feed and drink for entire KBW, Bad Gurl Yellen watching mrkt & a weekend release if things cont to vomit next week $BTC COULD go UP anticipating more $liq.”
In his opinion, an unexpected boost in the Bitcoin rate may occur by next week because of the additional purchases of USD provided by the Federal Reserve. Declining economic activities and financial market performances during the period may necessitate this action.
