Golden Finance reported that BitMEX co-founder Arthur Hayes posted on his personal social media that my views on the reasons why the Fed's interest rate cut plan did not meet expectations are as follows: Bitcoin has fallen 10% since Powell announced the September rate cut at Jackson Hole. Why? I think rate cuts are good for risky assets. Overnight reverse repurchases (RRP) pay an interest rate of 5.3%, while no Treasury bond interest rate under 1 year is higher. Money market funds (MMFs) will shift funds from Treasury bonds to RRP, which is negative for liquidity. Since the Jackson Hole meeting, RRP has increased by $120 billion. I think this will continue as long as Treasury bond interest rates are lower than RRP.