$BTC is tumbling again this weekend, as liquidity issues swirl around crypto hedge fund 3 Arrows Capital and lender Babel Finance. Looks like holding $BITO puts over this weekend will pay again as it did last weekend.
I suspect this crash in crypto has quite a ways to go yet if $LUNA/$UST is any indication. $LUNA/$UST was essentially a leveraged, multi-level yield play. I think there is still a lot of leverage to be wrung out of the space.
Mining companies, like $CORZ, $RIOT, $ARBK, and $BITF, which borrowed heavily to buy mining equipment, have recently been unloading their stash of $BTC (instead of HODLing), putting even more pressure on the price of $BTC.
This all reminds me of the 2008 housing crisis. Time for me to watch "The Big Short" again.
