Arthur Hayes, the co-founder of BitMEX, suggested that institutional dealer hedging is exacerbating the recent downward pressure on Bitcoin prices. In a February 7 post on X, Hayes pointed to structured financial products linked to BlackRock’s iShares Bitcoin Trust (IBIT). Hayes Flags Hidden Risks in Bitcoin ETF Notes He argued that falling Bitcoin prices force financial institutions that issue these notes to sell the underlying asset to manage their risk exposure. Finance professionals refer to this pro ...