According to crypto writer and former BitMEX CEO Arthur Hayes, if it's true that the Luna Foundation Guard (LFG) actually sold 80,000 Bitcoins during the crash to maintain the stable value of the terra USD (UST), the bottom of this Bitcoin market cycle would be $25,000 to $27,000. likely.

Writing in a blog post published on Thursday, Hayes said that while there is no evidence yet that LFG is selling Bitcoin, he has "no reason to doubt the veracity of the LFG's statements. Hayes said he wanted to sell that amount of Bitcoin in such a short time, assuming the coins were actually sold." described it as quite a success.”

   “Considering the state of the market at the time these Bitcoins were sold, I am even more confident that the $25,000-$27,000 region for Bitcoin is the bottom of this cycle.”

Bitcoin Drop

The former BitMEX CEO mentioned several metrics that he says serve as an indicator for the crypto bottom. Talking about the correlation between Bitcoin (BTC) and ethereum (ETH) and the Nasdaq 100 index, he said that the correlation shows that crypto has diverged from other risk assets during the last sale.

Hayes said the recent divergence is "a good thing at the macro level," adding that other indicators point to a "local bottom" for crypto.

Hayes pointed out that although the bottom is near and may even be past, there will not be a rapid recovery. He said that both the political and macroeconomic picture must be integrated before a good recovery can begin, and advised investors to reduce the empty talk in the market and focus on what is important.

Hayes told readers that it is necessary to wait or a longer time frame as a result of the expected fluctuating price action in the future.