BitMEX co-founder Arthur Hayes has made a splash in the crypto world with his recent investment moves. Hayes believes that Bitcoin is headed for a dip and has placed a bearish bet by purchasing puts expiring in March 2024 that profit if the price falls below $35,000. To free up capital for this bet, he sold his holdings in Solana and Bonk at a slight loss. If his prediction holds true, Hayes plans to “bottom fish” for undervalued buying opportunities.
Trading chaos erupted on Binance as the price of its Bitcoin/USDT contract inexplicably surged to $420,000 multiple times, raising concerns about platform stability and sparking confusion among traders.