BitMEX Founder: Expect More Forced Selling of $BTC and $ETH

BitMEX founder Arthur Hayes tweeted that the Purpose ETF sold off 24,500 $BTC last Friday. Over the weekend, while the fiat rails were closed, $BTC dropped to a low of $17,600 down almost 20% from Friday on good volume. It appears that a forced seller triggered a run on stops. After the sellers dumped their bags, the market quickly rallied on low volume. Given the poor state of risk management by cryptocurrency lenders and over generous lending terms, expect more pockets of forced selling of $BTC and $ETH.