a failed spread trade from a $1 billion hedge fund An expert has revealed that the recent Bitcoin crash was precipitated by a failed spread trade from a $1 billion hedge fund. Prior to the ETF approval, the hedge fund had established a spread trade, going long on BTC and short on MSTR. The rationale was that upon ETF approval, MSTR's value would decrease while BTC's would increase.
However, BTC was subsequently sold, and the short positions on MSTR were covered by purchasing MSTR shares. This action likely contributed to MSTR's modest mini rally, allowing it to perform slightly better than other BTC ETFs. Bruce commented on the situation, advising to 'Enjoy the dip. It won't last long,' indicating a temporary market condition.