Some Big Crypto Players Have No More Bitcoin To Sell

A new analysis of the crypto state is out. Check out why some of the big players in the crypto game have no more BTC to sell.

BitMEX founder Arthur Hayes is looking at the possibility that Bitcoin may have already printed a bear market bottom. He is also saying that three key players have likely run out of BTC to sell.

As the online publication the Daily Hodl notes, in a new blog post, the crypto veteran identifies three investor groups that were forced to part with their Bitcoin troves this year due to the misuse of leverage: centralized lending and trading firms, Bitcoin miners, and ordinary speculators.

Looking at centralized firms first, Hayes made sure to explain that these institutions have likely unloaded most of their BTC after the collapse of crypto hedge fund Three Arrows Capital (3AC) and Sam Bankman-Fried’s trading firm Alameda Research.

“When these two firms [Alameda and 3AC] got into trouble, what did we see? We saw large transfers of the most liquid cryptos – Bitcoin (WBTC in DeFi) and Ether (WETH in DeFi) – to centralized and decentralized exchanges that were then sold. This happened during the big move down…”

He continued and said this:

“I can’t demonstratively prove that all Bitcoin held by these failed institutions was sold during the multiple crashes, but it does look as if they tried their best to liquidate the most liquid crypto collateral they could right before they went under.”

He also stated the following:

“The [centralized lending firms] and all large trading firms already sold most of their Bitcoin. All that is left now are illiquid sh**coins, private stakes in crypto companies, and locked pre-sale tokens.”

Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $17,155.