Billion-Dollar Hedge Fund Is Betting Against Bitcoin And Grayscale, Not Just USDT.
Fir Tree claims the motivation lies with the "end investors" such as "teachers, firefighters, police officers, and other public officials" who own GBTC."There’s a bigger story here…Be skeptical," says Ahluwalia, explaining, "Fir Tree is making a bigger bet against the crypto ecosystem (USDT, Bitcoin, etc.) and pushing on all the softpoints it can find." In this regard, the Chartered Financial Analyst (CFA) refers to Bloomberg’s revelation that Fir Tree took a large short position on Tether (USDT) in March 2022.
Further, the analyst asserts that Fir Tree has identified three "softpoints" of the Bitcoin and crypto market that the hedge fund can rattle: Grayscale, the USDT bond, and Binance, copy trade crypto reddit whereas Fir Tree cannot take any action regarding the exchange, according to Ahluwalia.
Related Reading: Why Bitcoin Is Not At Risk Of Knocking $10,000 If Grayscale Increases Selling Pressure The position has been structured as an "asymmetric trade," meaning that downside risk is low and potential reward is high, with the official rationale for the trade being that "much" of the commercial paper backing the token is tied to Chinese real estate developers, some of which are in trouble.
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Author / Journalist: Jake Simmons.
Category: Crypto.
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Published On: 2023-01-02 @ 12:00:54 (1 weeks ago)
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