The flow of money has gone from treasury bills into higher-yielding reverse repos, according to the former BitMEX boss.
Co-founder and former CEO of BitMEX, Arthur Hayes has shared his theory as to why interest rate cuts by the United States central bank may not do much for Bitcoin prices.
In a post on X on Sept. 2, the Maelstrom Chief Investment Officer said that despite Federal Reserve chair Jerome Powell confirming a rate cut in September at his Jackson Hole speech on Aug. 23, Bitcoin prices have struggled and been in decline.
Since the speech, BTC prices briefly spiked to $64,000 before falling 10% to a low of $57,400 on Sept. 2. It has recovered slightly to trade at $59,238 at the time of writing.
