Market Wrap: Cryptos Slip as Bitcoin Struggles to Hold $40K

For example, on April 10, Arthur Hayes, co-founder of crypto derivatives trading platform BitMEX, warned about a BTC price crash toward $30,000. That blog post triggered massive selling of May and June option calls, which caused BTC and ETH risk reversals (calls minus puts) to fall from -6% to -10%, according to QCP Capital, a Singapore-based crypto trading firm.