BitMEX Founder: If FTX is Equivalent to the Lehman Event, How Low Should Bitcoin Fall?

Arthur Hayes recently stated after the FTX incident that Bitcoin will continue to decline, and he has bought put options on Bitcoin at $15,000.

BitMEX founder Arthur Hayes tweeted that if the impact of the FTX incident is equivalent to Lehman Brothers, then looking back at the market, the S&P 500 hit a low of 666.79 on March 2, 2009, a 57.69% drop from its peak in October 2007.

Therefore, although Bitcoin briefly dropped to $17,500 in June, he does not believe BTC can sustain at this level.

Arthur Hayes stated that he has bought put options for Bitcoin at $15,000, with the options expiring in March 2023.

As of now, Bitcoin has dropped from its peak of $69,000 in November last year to around $18,000, a decline of 73.75%.

Prior to this, Arthur Hayes also revealed that he bought Ethereum options at $3,000 expiring in December 2022, but the Federal Reserve's economic policies did not meet his expectations, and the market has been leaning towards a downturn after The Merge.

His predictions this year seem to have difficulty aligning with market trends.