PANews reported on August 6 that Bloomberg crypto analyst Jamie Coutts said on the X platform that Bitcoin has experienced significant price fluctuations since the Japanese yen arbitrage trade began to unwind. On August 5, the price of Bitcoin fell by 8% and fell by 30% in just one week, which was its worst performance since the FTX crash in late 2022.

Coutts points out several key points: he underestimated the impact of the rapid rise in open interest (OI) and perpetual contract funding rates earlier this year; the market's neutral stance before the unwinding of the yen carry trade has limited the extent of liquidations so far; although Bitcoin prices could fall further, the decline in open interest and negative funding rates indicate that sideways trading is more likely for Bitcoin; and the expectation that central banks will intervene soon makes Bitcoin appear attractive at current price levels.