Kyle Davies, co-founder and chairman of crypto-focused hedge fund Three Arrows Capital, believes that the 2017 bull market will not be repeated in the current market cycle.
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In a new video, Davies says that while Bitcoin and altcoins are in a super cycle, the cryptocurrency market may still see significant corrections.
The head of Three Arrows Capital explains that the nearly 50% drop in Bitcoin price from its recent all-time high was due to negative news such as pressure on miners in China rather than excessive leverage by traders:
Davies adds that Three Arrows Capital benefited from the correction as the company shorted Bitcoin, which is why the hedge fund is currently the most profitable asset on the FTX cryptocurrency exchange: