BitMEX founder Arthur Hayes once again updated his trading log and said that he had recently closed his short position on Bitcoin, claiming to have made a 3% profit. He had previously worried that there would be a sharp correction over the weekend. He shorted Bitcoin after warning on September 6 that Bitcoin could fall below $50,000. However, he said on September 8 that he had closed the short position and expected that Bitcoin might rebound this week.
Arthur Hayes believes that if the general economic data this week continues to be weak or inflation slows down, the Federal Reserve (Fed) may inject more U.S. dollar liquidity, which will help the price of Bitcoin rise. The current weakness in the economy and financial markets may prompt the Fed to take this action, noting that if markets fall further, the Fed will likely print money to stimulate the economy. He described Yellen as observing market dynamics, and Bitcoin may rise as a result of loose policies.
Additionally, Real Vision analyst Jamie Coutts noted that the U.S.’s M2 money supply could be key to Bitcoin’s next rally. The rate of change of M2 money supply is quite important to the trend of Bitcoin. As the supply turned positive year-on-year for the first time in May this year, the currency began to enter the easing cycle again, and investors may begin to look for tools to fight inflation. Despite the concerns, Bitcoin's decline in September is consistent with previous halving cycles, with September typically being one of the most bearish months in Bitcoin history.
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〈MICA Daily｜Arthur Hayes closes short positions and looks long at Bitcoin again〉This article was first published in "Blocker".
