Arthur Hayes: BTC plunge linked to IBIT, says the rules of the game have changed

Bitmex co-founder Arthur Hayes stated that the recent Bitcoin plunge was likely due to hedging by dealers linked to structured products tied to BlackRock's spot Bitcoin ETF (IBIT). He added that he plans to compile a complete list of all bonds issued by banks to better understand the trigger points that could cause sharp price increases or decreases. Hayes explained that when the rules of the game change, investors must adapt as well.