Pantera Capital partner speculates that the recent crypto market sell-off was triggered by large Asian entities
ChainCatcher reported that Franklin Bi, General Partner at Pantera Capital, speculated on the X platform that the driving force behind the recent large-scale sell-off in the crypto market was not a crypto-focused trading firm, but rather a large entity from outside the crypto space in Asia.
This entity has limited crypto trading counterparties, so it went unnoticed by the crypto community. Franklin Bi speculates that this entity engaged in leveraged trading and market making on an exchange → closed out yen arbitrage trades → faced an extreme liquidity crisis → received a grace period of about 90 days → attempted to recover losses through gold/silver trading but failed → was forced to close positions this week.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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