Arthur Hayes Closes Bitcoin Short Position, Signals BTC Price Increase

Arthur Hayes closes the Bitcoin short position, signaling a BTC price increase (Photo; Doc. Block tempo)

JAKARTA - Arthur Hayes, co-founder of BitMEX, announced that he has closed his short position towards Bitcoin (BTC). This move was taken although previously he predicted the price of Bitcoin would continue to decline. With moderate profits, Hayes is now signaling that the price of Bitcoin may be rising in the next few days.

The price of Bitcoin decreased sharply last Friday, from around 57,000 US Dollars (Rp875 million) to under 53,000 US Dollars (Rp 814 million) in just an hour. This decline comes after an August work report in the United States showed a decline in the unemployment rate. Although the report initially triggered a jump in BTC prices to touch 57,000 US Dollars (Rp875 million), the increase did not last long. Bears took control again, pushing prices down more than 4,000 US Dollars (Rp61 million) in a short time, hitting a monthly low of 53,000 US Dollars (Rp 814 million).

Arthur Hayes, who is one of the important figures in the crypto industry, took this opportunity by opening up a short position, anticipating the price of Bitcoin to fall below 50,000 US Dollars (Rp768 million) over the weekend.

However, in line with the recovery in the price of Bitcoin which managed to rise again above 54,000 US Dollars (Rp829 million), Hayes decided to close its short position early with a profit of 3%. In the latest update he shared, Hayes said that a potential increase in Bitcoin prices may occur in the coming days, especially after Janet Yellen's statement, United States Finance Minister, scheduled for the weekend.

Yellen's statement could have a significant impact on financial markets, including Bitcoin, given the regulatory and fiscal policy discussions that often affect the movement of crypto assets.

Although the crypto market remains in fluctuating conditions, a sign of an increase from crypto figures like Arthur Hayes provides fresh air to investors. The closure of the short position made by Hayes shows that even though he had taken a defensive position, there is confidence that positive momentum could emerge soon.