Arthur thinks the recent Bitcoin crash, especially the multiple times it directly broke through key support levels, isn’t caused by retail panic but by big banks like Wall Street hedging against the Bitcoin investment products they’ve sold. These products offer some level of loss protection for investors, like guaranteeing the principal for slight declines. However, once Bitcoin drops below critical cost levels, like 75% or more, banks are forced to sell Bitcoin aggressively to hedge their risks. This creates a death spiral, driving the price down even harder. This time, the crash was likely caused by violent sell-offs from banks after those critical levels were breached. If this is the reason, it seems like the short-term violent sell-off has already passed, as the key levels have been broken and sold off. But under this large-scale hedging mechanism by banks, the long-term risks still remain.