Odaily News Arthur Hayes, co-founder of BitMEX, wrote on the X platform, "Here are my thoughts on why the Fed's rate cut plan fell short of expectations: Bitcoin has fallen 10% since Powell announced the September rate cut at Jackson Hole. Why? I think rate cuts are good for risky assets. Overnight reverse repurchases (RRP) pay 5.3% interest, while no Treasury bond under 1 year has a higher interest rate. Money market funds (MMFs) will shift funds from Treasury bonds to RRP, which is negative for liquidity. Since the Jackson Hole meeting, RRP has increased by $120 billion. I think this will continue as long as Treasury bond interest rates are lower than RRP."