{"id":571109,"date":"2024-01-24T09:00:36","date_gmt":"2024-01-24T09:00:36","guid":{"rendered":"https:\/\/wncen.com\/?p=571109"},"modified":"2024-06-11T09:23:12","modified_gmt":"2024-06-11T09:23:12","slug":"real-reasons-bitcoin-price-crash-not-gbtc","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/","title":{"rendered":"Real Reasons For Bitcoin Price Crash Revealed, Not GBTC: Arthur Hayes"},"content":{"rendered":"

In his latest essay, Arthur Hayes, the founder of BitMEX, articulates a contrarian perspective on the recent downturn in Bitcoin’s price, refuting the mainstream narrative that attributes the decline to outflows from the Grayscale Bitcoin Trust (GBTC). Instead, Hayes points<\/a> to macroeconomic maneuvers and monetary policy shifts as the real drivers behind Bitcoin’s volatility.<\/p>\n

Monetary Policy And Market Reactions<\/h2>\n

Hayes kickstarts his analysis by shedding light on the US Treasury’s recent strategic shift in borrowing, a decision announced by Janet Yellen on November 1. This pivot towards Treasury bills<\/a> (T-bills) has triggered a substantial liquidity injection, compelling money market funds to reallocate their investments from the Fed\u2019s Reverse Repo Program (RRP) to these T-bills, offering higher yields.<\/p>\n

Hayes articulates the significance of this move, stating, “Yellen acted by shifting her department\u2019s borrowing to T-bills, thus adding hundreds of billions of dollars’ worth of liquidity so far.” However, he contrasts this tangible financial maneuver with the Federal Reserve’s mere rhetoric about future rate cuts and the tapering of quantitative tightening (QT), pointing out that these discussions have not translated into actual monetary stimulus.<\/p>\n

Related Reading: Bitcoin Price At Risk? Grayscale\u2019s $335M Coinbase Transfer Stirs $30,000 Plunge Potential<\/a><\/div>\n

While the traditional financial markets, particularly the S&P 500 and the Nasdaq 100, responded positively to these developments, Hayes argues that Bitcoin’s recent price trajectory serves as a more accurate barometer of the underlying economic currents. He remarks, “The real smoke alarm for the direction of dollar liquidity, Bitcoin, is throwing a cautionary sign.”<\/p>\n

He notes the cryptocurrency’s decline from its peak and correlates it with the fluctuations in the yield of the 2-year US Treasury, suggesting a deeper economic interplay at work. \u201cCoinciding with Bitcoin\u2019s local high<\/a>, the 2-year US Treasury yield hit a local low of 4.14% in mid-January and is now marching upwards,\u201d Hayes remarked.<\/p>\n

Dissecting True Reasons Behind The Bitcoin Dip<\/h2>\n

Addressing the narrative surrounding GBTC, Hayes emphatically dismisses the notion that outflows from GBTC are the primary catalyst for Bitcoin’s price movements. He clarifies, “The argument for Bitcoin\u2019s recent dump is the outflows<\/a> from the Grayscale Bitcoin Trust (GBTC). That argument is bogus because when you net the outflows from GBTC against the inflows into the newly listed spot Bitcoin ETFs<\/a>, the result is, as of January 22nd, a net inflow of $820 million.”<\/p>\n

This realization shifts the focus to economic mechanisms at play. The crux of Hayes’s argument lies in the anticipation surrounding the Bank Term Funding Program (BTFP)<\/a>‘s expiration and the Federal Reserve’s hesitancy to adjust interest rates to a range that would alleviate the financial strain on smaller, non-Too-Big-to-Fail (TBTF) banks.<\/p>\n

Related Reading: Expert Analysis: Six Factors Suggest Bitcoin Price Won\u2019t Drop Below $37,800<\/a><\/div>\n

Hayes elucidates, “Until rates are reduced to the aforementioned levels, there is no way these banks can survive without the government support provided via the BTFP.” He predicts a looming mini-financial crisis in the event of the BTFP’s cessation, which he believes will compel the Federal Reserve to pivot from rhetoric to tangible action\u2014namely, rate cuts, a tapering of QT, and potentially a resumption of quantitative easing (QE).<\/p>\n

\u201cI believe Bitcoin will dip before the BTFP renewal decision on March 12th. I didn\u2019t expect it to happen so soon, but I think Bitcoin will find a local bottom between $30,000 and $35,000. As the SPX and NDX dump due to a mini financial crisis in March, Bitcoin will rise as it will front-run the eventual conversion of rate cuts and money printing talk on behalf of the Fed into the action of pressing that Brrrr button,\u201d Hayes writes.<\/p>\n

Strategic Trading Moves In A Turbulent Market<\/h2>\n

In a revealing glimpse into his tactical trading strategies, Hayes shares his approach to navigating the tumultuous market landscape. He discloses his positions, including the purchase of puts and the strategic adjustment of his BTC holdings. He concludes:<\/p>\n

A 30% correction from the ETF approval high of $48,000 is $33,600. Therefore, I believe Bitcoin forms support between $30,0000 to $35,000. That is why I purchased 29 March 2024 $35,000 strike puts. […] Bitcoin and crypto in general are the last freely traded markets globally. As such, they will anticipate changes in dollar liquidity before the manipulated TradFi fiat stock and bond markets. Bitcoin is telling us to look for Yellen and not Talkin\u2019.<\/strong><\/p><\/blockquote>\n

At press time, BTC traded at $39,963.<\/p>\n

\"Bitcoin
BTC price hovers below $40,000, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

In his latest essay, Arthur Hayes, the founder of BitMEX, articulates a contrarian perspective on the recent downturn in Bitcoin’s price, refuting the mainstream narrative that attributes the decline to outflows from the Grayscale Bitcoin Trust (GBTC). Instead, Hayes points to macroeconomic maneuvers and monetary policy shifts as the real drivers behind Bitcoin’s volatility. Monetary Policy And Market Reactions Hayes kickstarts his analysis by shedding light on the US Treasury’s recent strategic shift in borrowing, a decision announced by Janet Yellen on November 1. This pivot towards Treasury bills (T-bills) has triggered a substantial liquidity injection, compelling money market funds to reallocate their investments from the Fed\u2019s Reverse Repo Program (RRP) to these T-bills, offering higher yields. Hayes articulates the significance of this move, stating, “Yellen acted by shifting her department\u2019s borrowing to T-bills, thus adding hundreds of billions of dollars’ worth of liquidity so far.” However, he contrasts this tangible financial maneuver with the Federal Reserve’s mere rhetoric about future rate cuts and the tapering of quantitative tightening (QT), pointing out that these discussions have not translated into actual monetary stimulus. Related Reading: Bitcoin Price At Risk? Grayscale\u2019s $335M Coinbase Transfer Stirs $30,000 Plunge Potential While the traditional financial markets, particularly the S&P 500 and the Nasdaq 100, responded positively to these developments, Hayes argues that Bitcoin’s recent price trajectory serves as a more accurate barometer of the underlying economic currents. He remarks, “The real smoke alarm for the direction of dollar liquidity, Bitcoin, is throwing a cautionary sign.” He notes the cryptocurrency’s decline from its peak and correlates it with the fluctuations in the yield of the 2-year US Treasury, suggesting a deeper economic interplay at work. \u201cCoinciding with Bitcoin\u2019s local high, the 2-year US Treasury yield hit a local low of 4.14% in mid-January and is now marching upwards,\u201d Hayes remarked. Dissecting True Reasons Behind The Bitcoin Dip Addressing the narrative surrounding GBTC, Hayes emphatically dismisses the notion that outflows from GBTC are the primary catalyst for Bitcoin’s price movements. He clarifies, “The argument for Bitcoin\u2019s recent dump is the outflows from the Grayscale Bitcoin Trust (GBTC). That argument is bogus because when you net the outflows from GBTC against the inflows into the newly listed spot Bitcoin ETFs, the result is, as of January 22nd, a net inflow of $820 million.” This realization shifts the focus to economic mechanisms at play. The crux of Hayes’s argument lies in the anticipation surrounding the Bank Term Funding Program (BTFP)‘s expiration and the Federal Reserve’s hesitancy to adjust interest rates to a range that would alleviate the financial strain on smaller, non-Too-Big-to-Fail (TBTF) banks. Related Reading: Expert Analysis: Six Factors Suggest Bitcoin Price Won\u2019t Drop Below $37,800 Hayes elucidates, “Until rates are reduced to the aforementioned levels, there is no way these banks can survive without the government support provided via the BTFP.” He predicts a looming mini-financial crisis in the event of the BTFP’s cessation, which he believes will compel the Federal Reserve to pivot from rhetoric to tangible action\u2014namely, rate cuts, a tapering of QT, and potentially a resumption of quantitative easing (QE). \u201cI believe Bitcoin will dip before the BTFP renewal decision on March 12th. I didn\u2019t expect it to happen so soon, but I think Bitcoin will find a local bottom between $30,000 and $35,000. As the SPX and NDX dump due to a mini financial crisis in March, Bitcoin will rise as it will front-run the eventual conversion of rate cuts and money printing talk on behalf of the Fed into the action of pressing that Brrrr button,\u201d Hayes writes. Strategic Trading Moves In A Turbulent Market In a revealing glimpse into his tactical trading strategies, Hayes shares his approach to navigating the tumultuous market landscape. He discloses his positions, including the purchase of puts and the strategic adjustment of his BTC holdings. He concludes: A 30% correction from the ETF approval high of $48,000 is $33,600. Therefore, I believe Bitcoin forms support between $30,0000 to $35,000. That is why I purchased 29 March 2024 $35,000 strike puts. […] Bitcoin and crypto in general are the last freely traded markets globally. As such, they will anticipate changes in dollar liquidity before the manipulated TradFi fiat stock and bond markets. Bitcoin is telling us to look for Yellen and not Talkin\u2019. At press time, BTC traded at $39,963. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":571145,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[230,428,679,1119,1122,1144,2007,5164,14221,6573],"class_list":["post-571109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-arthur-hayes","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd","tag-fed","tag-janet-yellen","tag-jerome-powell","tag-us-federal-reserve"],"acf":[],"yoast_head":"\nReal Reasons For Bitcoin Crash Revealed, Not GBTC<\/title>\n<meta name=\"description\" content=\"Arthur Hayes takes a contrarian perspective on the recent Bitcoin price slump and refutes the common narrative of outflows from GBTC.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Real Reasons For Bitcoin Crash Revealed, Not GBTC\" \/>\n<meta property=\"og:description\" content=\"Arthur Hayes takes a contrarian perspective on the recent Bitcoin price slump and refutes the common narrative of outflows from GBTC.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-24T09:00:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T09:23:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/DALL\u00b7E-2024-01-24-09.29.49-A-wide-format-intricate-and-detailed-digital-artwork-of-a-Bitcoin-symbol-prominently-featured-in-the-center.-The-Bitcoin-symbol-is-embossed-on-a-comp.png?fit=1200%2C685\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"685\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Jake Simmons\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/realJakeSimmons\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jake Simmons\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/\"},\"author\":{\"name\":\"Jake Simmons\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/d4fcdbfaec61dd668092ba3f4d318028\"},\"headline\":\"Real Reasons For Bitcoin Price Crash Revealed, Not GBTC: Arthur Hayes\",\"datePublished\":\"2024-01-24T09:00:36+00:00\",\"dateModified\":\"2024-06-11T09:23:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/\"},\"wordCount\":764,\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/DALL\u00b7E-2024-01-24-09.29.49-A-wide-format-intricate-and-detailed-digital-artwork-of-a-Bitcoin-symbol-prominently-featured-in-the-center.-The-Bitcoin-symbol-is-embossed-on-a-comp.png?fit=1200%2C685\",\"keywords\":[\"Arthur Hayes\",\"bitcoin\",\"bitcoin price\",\"btc\",\"btc price\",\"btcusd\",\"fed\",\"Janet Yellen\",\"Jerome Powell\",\"US Federal Reserve\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/\",\"url\":\"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/\",\"name\":\"Real Reasons For Bitcoin Crash Revealed, Not GBTC\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/DALL\u00b7E-2024-01-24-09.29.49-A-wide-format-intricate-and-detailed-digital-artwork-of-a-Bitcoin-symbol-prominently-featured-in-the-center.-The-Bitcoin-symbol-is-embossed-on-a-comp.png?fit=1200%2C685\",\"datePublished\":\"2024-01-24T09:00:36+00:00\",\"dateModified\":\"2024-06-11T09:23:12+00:00\",\"description\":\"Arthur Hayes takes a contrarian perspective on the recent Bitcoin price slump and refutes the common narrative of outflows from GBTC.\",\"breadcrumb\":{\"@id\":\"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/#primaryimage\",\"url\":\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/DALL\u00b7E-2024-01-24-09.29.49-A-wide-format-intricate-and-detailed-digital-artwork-of-a-Bitcoin-symbol-prominently-featured-in-the-center.-The-Bitcoin-symbol-is-embossed-on-a-comp.png?fit=1200%2C685\",\"contentUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/DALL\u00b7E-2024-01-24-09.29.49-A-wide-format-intricate-and-detailed-digital-artwork-of-a-Bitcoin-symbol-prominently-featured-in-the-center.-The-Bitcoin-symbol-is-embossed-on-a-comp.png?fit=1200%2C685\",\"width\":1200,\"height\":685,\"caption\":\"Bitcoin price\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/wncen.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Real Reasons For Bitcoin Price Crash Revealed, Not GBTC: Arthur Hayes\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/wncen.com\/#website\",\"url\":\"https:\/\/wncen.com\/\",\"name\":\"NewsBTC\",\"description\":\"Bitcoin & Cryptocurrency News Today\",\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/wncen.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/wncen.com\/#organization\",\"name\":\"NewsBTC\",\"url\":\"https:\/\/wncen.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"contentUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"width\":157,\"height\":46,\"caption\":\"NewsBTC\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/newsbtc\",\"https:\/\/x.com\/newsbtc\",\"https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/d4fcdbfaec61dd668092ba3f4d318028\",\"name\":\"Jake Simmons\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/b1c6e6bccf4fbe757cbc0396eeac0abf?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/b1c6e6bccf4fbe757cbc0396eeac0abf?s=96&d=mm&r=g\",\"caption\":\"Jake Simmons\"},\"description\":\"Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.\",\"sameAs\":[\"https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons\"],\"url\":\"https:\/\/wncen.com\/author\/marcusmisiak\/\"}]}<\/script>\n","yoast_head_json":{"title":"Real Reasons For Bitcoin Crash Revealed, Not GBTC","description":"Arthur Hayes takes a contrarian perspective on the recent Bitcoin price slump and refutes the common narrative of outflows from GBTC.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/","og_locale":"en_US","og_type":"article","og_title":"Real Reasons For Bitcoin Crash Revealed, Not GBTC","og_description":"Arthur Hayes takes a contrarian perspective on the recent Bitcoin price slump and refutes the common narrative of outflows from GBTC.","og_url":"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/","og_site_name":"NewsBTC","article_publisher":"https:\/\/www.facebook.com\/newsbtc","article_published_time":"2024-01-24T09:00:36+00:00","article_modified_time":"2024-06-11T09:23:12+00:00","og_image":[{"width":1200,"height":685,"url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/DALL\u00b7E-2024-01-24-09.29.49-A-wide-format-intricate-and-detailed-digital-artwork-of-a-Bitcoin-symbol-prominently-featured-in-the-center.-The-Bitcoin-symbol-is-embossed-on-a-comp.png?fit=1200%2C685","type":"image\/png"}],"author":"Jake Simmons","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/twitter.com\/realJakeSimmons","twitter_site":"@newsbtc","twitter_misc":{"Written by":"Jake Simmons","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/#article","isPartOf":{"@id":"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/"},"author":{"name":"Jake Simmons","@id":"https:\/\/wncen.com\/#\/schema\/person\/d4fcdbfaec61dd668092ba3f4d318028"},"headline":"Real Reasons For Bitcoin Price Crash Revealed, Not GBTC: Arthur Hayes","datePublished":"2024-01-24T09:00:36+00:00","dateModified":"2024-06-11T09:23:12+00:00","mainEntityOfPage":{"@id":"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/"},"wordCount":764,"publisher":{"@id":"https:\/\/wncen.com\/#organization"},"image":{"@id":"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/#primaryimage"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/DALL\u00b7E-2024-01-24-09.29.49-A-wide-format-intricate-and-detailed-digital-artwork-of-a-Bitcoin-symbol-prominently-featured-in-the-center.-The-Bitcoin-symbol-is-embossed-on-a-comp.png?fit=1200%2C685","keywords":["Arthur Hayes","bitcoin","bitcoin price","btc","btc price","btcusd","fed","Janet Yellen","Jerome Powell","US Federal Reserve"],"articleSection":["Cryptocurrency Market News"],"inLanguage":"en-US","copyrightYear":"2024","copyrightHolder":{"@id":"https:\/\/wncen.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/","url":"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/","name":"Real Reasons For Bitcoin Crash Revealed, Not GBTC","isPartOf":{"@id":"https:\/\/wncen.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/#primaryimage"},"image":{"@id":"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/#primaryimage"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/DALL\u00b7E-2024-01-24-09.29.49-A-wide-format-intricate-and-detailed-digital-artwork-of-a-Bitcoin-symbol-prominently-featured-in-the-center.-The-Bitcoin-symbol-is-embossed-on-a-comp.png?fit=1200%2C685","datePublished":"2024-01-24T09:00:36+00:00","dateModified":"2024-06-11T09:23:12+00:00","description":"Arthur Hayes takes a contrarian perspective on the recent Bitcoin price slump and refutes the common narrative of outflows from GBTC.","breadcrumb":{"@id":"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/#primaryimage","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/DALL\u00b7E-2024-01-24-09.29.49-A-wide-format-intricate-and-detailed-digital-artwork-of-a-Bitcoin-symbol-prominently-featured-in-the-center.-The-Bitcoin-symbol-is-embossed-on-a-comp.png?fit=1200%2C685","contentUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/DALL\u00b7E-2024-01-24-09.29.49-A-wide-format-intricate-and-detailed-digital-artwork-of-a-Bitcoin-symbol-prominently-featured-in-the-center.-The-Bitcoin-symbol-is-embossed-on-a-comp.png?fit=1200%2C685","width":1200,"height":685,"caption":"Bitcoin price"},{"@type":"BreadcrumbList","@id":"https:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/wncen.com\/"},{"@type":"ListItem","position":2,"name":"Real Reasons For Bitcoin Price Crash Revealed, Not GBTC: Arthur Hayes"}]},{"@type":"WebSite","@id":"https:\/\/wncen.com\/#website","url":"https:\/\/wncen.com\/","name":"NewsBTC","description":"Bitcoin & Cryptocurrency News Today","publisher":{"@id":"https:\/\/wncen.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/wncen.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/wncen.com\/#organization","name":"NewsBTC","url":"https:\/\/wncen.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/logo\/image\/","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","contentUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","width":157,"height":46,"caption":"NewsBTC"},"image":{"@id":"https:\/\/wncen.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/newsbtc","https:\/\/x.com\/newsbtc","https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw"]},{"@type":"Person","@id":"https:\/\/wncen.com\/#\/schema\/person\/d4fcdbfaec61dd668092ba3f4d318028","name":"Jake Simmons","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/b1c6e6bccf4fbe757cbc0396eeac0abf?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/b1c6e6bccf4fbe757cbc0396eeac0abf?s=96&d=mm&r=g","caption":"Jake Simmons"},"description":"Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Real Reasons For Bitcoin Price Crash Revealed, Not GBTC: Arthur Hayes","url":"http:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/real-reasons-bitcoin-price-crash-not-gbtc\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/DALL\u00b7E-2024-01-24-09.29.49-A-wide-format-intricate-and-detailed-digital-artwork-of-a-Bitcoin-symbol-prominently-featured-in-the-center.-The-Bitcoin-symbol-is-embossed-on-a-comp.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/DALL\u00b7E-2024-01-24-09.29.49-A-wide-format-intricate-and-detailed-digital-artwork-of-a-Bitcoin-symbol-prominently-featured-in-the-center.-The-Bitcoin-symbol-is-embossed-on-a-comp.png?fit=1200%2C685"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["arthur hayes","bitcoin","bitcoin price","btc","btc price","btcusd","fed","janet yellen","jerome powell","us federal reserve"],"dateCreated":"2024-01-24T09:00:36Z","datePublished":"2024-01-24T09:00:36Z","dateModified":"2024-06-11T09:23:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Real Reasons For Bitcoin Price Crash Revealed, Not GBTC: Arthur Hayes\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/real-reasons-bitcoin-price-crash-not-gbtc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/real-reasons-bitcoin-price-crash-not-gbtc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/DALL\\u00b7E-2024-01-24-09.29.49-A-wide-format-intricate-and-detailed-digital-artwork-of-a-Bitcoin-symbol-prominently-featured-in-the-center.-The-Bitcoin-symbol-is-embossed-on-a-comp.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/DALL\\u00b7E-2024-01-24-09.29.49-A-wide-format-intricate-and-detailed-digital-artwork-of-a-Bitcoin-symbol-prominently-featured-in-the-center.-The-Bitcoin-symbol-is-embossed-on-a-comp.png?fit=1200%2C685\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"arthur hayes\",\"bitcoin\",\"bitcoin price\",\"btc\",\"btc price\",\"btcusd\",\"fed\",\"janet yellen\",\"jerome powell\",\"us federal reserve\"],\"dateCreated\":\"2024-01-24T09:00:36Z\",\"datePublished\":\"2024-01-24T09:00:36Z\",\"dateModified\":\"2024-06-11T09:23:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/DALL\u00b7E-2024-01-24-09.29.49-A-wide-format-intricate-and-detailed-digital-artwork-of-a-Bitcoin-symbol-prominently-featured-in-the-center.-The-Bitcoin-symbol-is-embossed-on-a-comp.png?fit=1200%2C685","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/571109"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=571109"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/571109\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/571145"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=571109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=571109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=571109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}