Former BitMEX CEO Arthur Hayes explained why the Fed's interest rate cut may not help Bitcoin.

- Despite Jerome Powell's promise of a rate cut in September, BTC prices fell.

- From $64,000 to $57,400, then recovered slightly to $59,238.

- Hayes pointed to reverse repo agreements yielding 5.3%, which is higher than Treasury bonds.

- This led to an outflow of funds from crypto assets.

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