Arthur Hayes, ex-CEO of digital asset derivatives platform BitMEX, thinks BTC is set for a rally since the “largest most irresponsible entities” have sold the last of their Bitcoins. Hayes argues that all the firms prone to going bankrupt have all gone bankrupt, leaving the coast clear for the bulls.

“I can’t demonstratively prove that all Bitcoin held by these failed institutions was sold during the multiple crashes, but it does look as if they tried their best to liquidate the most liquid crypto collateral they could right before they went under,” said Hayes.