Identified numerous open positions between $70,000 and $75,000
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On the 10th, Arthur Hayes said through his X account, "An ugly week has begun," and "BTC can soon fall to $78,000, and if it fails to defend $78,000, it can drop to $75,000."
He further emphasized, "There are numerous open positions between $70,000 and $75,000 in the futures market, and if BTC falls to $75,000, a violent decline will begin."
Open positions refer to the amount that can be used for settlement in the derivatives market, such as futures and options contracts. If the price of an asset with high open positions experiences a sharp rise or fall, a large amount can be liquidated, leading to significant price changes in the asset.
Last week, Arthur Hayes had posted an essay titled "The Kiss of Death" predicting a sharp decline in BTC, and his prediction has now gained significant attention as BTC has indeed plummeted.
On the 4th, Arthur Hayes posted a lengthy article "The Kiss of Death" on the paid professional news posting platform Substack, arguing that due to the US government's excessive dollar issuance and former President Trump's radical policies, BTC could fall to $70,000 and then reach $250,000 by the end of this year.
Reporter Kwon Seung-won ksw@blockstreet.co.kr
