Wednesday, August 4

Kyle Davies, Co-Founder of Three Arrows Capital Comments on Bitcoin (BTC) and Altcoin Market

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three arrows capitalin kurucu ortagi kyle davies bitcoin btc ve altcoin piyasasini yorumladi

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.

“With a super cycle… there is still volatility. So especially for Bitcoin, which is a fixed-supply asset…

It’s a four-year bear [piyasasına] It doesn’t mean we will. It just means we’ve corrected and we’re done… we’ve corrected, so let’s move on, shall we?

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:

“This pullback was harsh… It wasn’t because we were using excessive leverage…

It was pretty big news as China was actively trying to shut down the hashing power, which they’ve started to do—not all over the country. For example in Xinjiang everyone shut down their mining tools. Chinese miners are going elsewhere. It didn’t happen in Sichuan, but it could happen in the next 36 months.”

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:

“The thing is, we also made a big Bitcoin hedge and made a lot of money out of it, and so you know… they could be in the middle of the FTX leaderboard right now with other key traders. That’s why we’re number one. Because we leaned a little more on the market.”

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