Arthur Hayes, former CEO of BitMEX, has decided to close his short position in Bitcoin after initially expressing concern about a possible significant correction over the weekend.
On September 6, he warned that the Bitcoin price could fall below the key $50,000 level, prompting him to open a short position to take advantage of the potential drop.
However, Hayes announced yesterday in a post on X that he has closed his short position in Bitcoin, believing that the cryptocurrency could rally this week.
He stated that the 3% profit he made from closing his short position would cover his expenses on a recent event.
Hayes believes the current weakness in the economy and financial markets could lead the Federal Reserve to take action and increase the supply of US dollars, which could lead to a rise in the value of Bitcoin.