🚨 ARTHUR HAYES UNCOVERS THE BTC DUMP PLUMBING 🚨
This wasn't retail panic. This was institutional mechanics forcing the move.
• Arthur Hayes points directly at bank hedging exposure tied to $IBIT ETF flows.
• Morgan Stanley structured notes linked to $IBIT were the trigger mechanism.
• Forced hedging by banks amplifies volatility instantly when $BTC moves.
Understand the plumbing, control the narrative. They are hedging their bets against BlackRock's massive ETF exposure. This is structural, not emotional.