Odaily News Arthur Hayes, co-founder of BitMEX, posted on the X platform that many IBIT holders are hedge funds, who earn higher returns than short-term U.S. Treasuries by going long on ETFs and shorting CME futures. If the BTC price falls and the basis narrows, these funds will sell IBIT and cover CME futures. These funds are currently profitable, and considering that the basis is close to the U.S. Treasury yield, they will close their positions during the U.S. trading session and realize their profits. I am bearish on Bitcoin to 70,000 USDT.