Global crypto markets faced renewed turbulence as Bitmex co-founder and Maelstrom CIO Arthur Hayes explained on social media platform X on Dec. 1 his assessment of why bitcoin had dropped below $85K.

He explained that bitcoin dumped because traders believed the Bank of Japan (BOJ) had shifted a potential December rate hike into focus, and that a USD/JPY move into the 155–160 area signaled a more hawkish stance from policymakers. As of writing, BTC is trading at $84,966.

His view suggested that yen appreciation raised the cost of yen-funded leverage, pressuring investors who relied on the carry trade. As the yen strengthened, leveraged crypto positions became harder to sustain, prompting swift deleveraging across high-volatility assets.

Read more: Arthur Hayes Sees Bitcoin Defending $80K as Fed QT End Sparks High-Stakes Flow Pivot

Hayes has frequently connected bitcoin’s price behavior to the monetary policy of the Bank of Japan, emphasizing the role of the yen carry trade in shaping global liquidity conditions. Market indicators showed overnight swap rates placing a 76% probability on a December tightening, underscoring ongoing sensitivity to Japanese policy shifts.

Nearly $1 billion in leveraged cryptocurrency positions were liquidated Monday during a sharp price decline, highlighting the spillover effects of a stronger yen even as U.S. Federal Reserve communication leaned dovish. Pro-crypto analysts argued that while macro shocks can trigger sharp volatility, long-term demand drivers for bitcoin may strengthen once forced selling abates.

• Why did bitcoin fall to the $85K level?
  Arthur Hayes attributed the drop to trader expectations of a potential Bank of Japan policy shift and resulting deleveraging.
• How did USD/JPY movement factor into bitcoin’s decline?
  A move toward the 155–160 range signaled a more hawkish stance that pressured yen-funded crypto positions.
• How much crypto was liquidated during the deleveraging?
  Nearly $1 billion in leveraged cryptocurrency positions were liquidated Monday during a sharp price decline.
• What long-term outlook did analysts express for bitcoin?
  Analysts said forced selling may fade, potentially strengthening long-term demand for bitcoin.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。