Arthur Hayes: when bitcoin drops to $ 20,000, it will continue to fall further

Arthur Hayes, the former head of the BitMEX cryptocurrency exchange, believes that if BTC falls below $ 20,000 and ETH falls below $ 1,000, we should not expect a huge demand for cryptocurrency purchases, as there will be more people willing to sell. Hayes wrote about this on Twitter today.

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Now let's focus on the listed and unlisted options flows. Looking at @DeribitExchange, most of the OI is at $ 20k and $ 1k for $BTC and $ETH respectively. We can also assume that there are massive otc structured products centered around those strikes as well.

— Arthur Hayes (@CryptoHayes) June 14, 2022

Hayes explained that the data on BTC and ETH wrapped token transactions show that there are already many liquidations taking place.

Given how the price of BTC is approaching $ 20,000, Arthur Hayes advises selling more — «it's just part of the hedging technique, otherwise you will get devastating losses.»

Hayes advises «praying to the father of bitcoin, Satoshi,» and hoping that the crypto winter will end someday. In the meantime, «you might as well turn off your computer because all your strategies will be useless for a while.»