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Crypto capitalist Arthur Hayes issues a new warning, saying forced selling still poses a threat to Bitcoin and Ethereum

Former BitMEX CEO Arthur Hayes says “bags of forced sale” of Bitcoin (BTC) and Ethereum (ETH) could crash the crypto market again in the near future.
Hayes notes that Canada’s BTC exchange-traded fund (ETF) Purpose BTC sold a staggering 24,500 Bitcoin on Friday.

“I’m not sure how they’re doing redemptions, but that’s a lot of physical BTC to sell in a small time frame. Over the weekend while fiat rails are closed, BTC fell almost 20% from Friday to a low of $17,600 on good volume. Smells like a forced seller that triggered trail stops.”
Source: CryptoHayes/Twitter
Bitcoin is trading at $20,474 at the time of writing. According to Hayes, the market rallied quickly after sellers dumped their holdings due to the low volume.

“Given poor risk management by cryptocurrency lenders and overly permissive lending terms, expect more forced selling of BTC and ETH as the market finds out who is swimming naked.

Is it over yet… I don’t know. But for those skilled knife catchers, there may be more buying opportunities from those who must beat every bid, no matter the price.”

Hayes said in a recent blog post that he is looking to a specific weekend when crypto could capitulate as panic sellers flood a bid-empty market.

“By June 30th (end of the second quarter) the Fed will have decided to hike rates by 75 basis points and started to trim its balance sheet. July 4 falls on a Monday and is a federal and bank holiday. This is the perfect setup for another mega crypto dump.”

In March, Hayes and BitMEX co-founders Benjamin Delo and Samuel Reed pleaded guilty to violating a law that requires financial institutions to help the government detect and combat money laundering schemes.

The US Department of Justice (DOJ) claimed the trio willfully failed to comply with anti-money laundering protocols and profited from transactions made by US-based customers, despite claiming that BitMEX does not serve US individuals.

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