Arthur Hayes warns Bitcoin can throw to $ 70k: How and why?

• Hayes warned that BTC could sink further as the CME futures return decreases.
• But Chris Burniske thought this was a typical recovery of the middle of Bull, not a bike top.

Bitcoin (BTC) has tested its range of $ 91,000 for the fourth time in 2025, which has expanded its losses to 16% from the record pile of $ 109.5,000 in January.

Nevertheless, BTC problems can be far from, according to Arthur Hayes, founder of Bitmex and CIO at Crypto Fund Maelström.

What is the next for BTC?

In a recent X (formerly Twitter) post, Hayes claimed that BTC could fall to $ 70,000 due to unattractive CME futures ‘returns’, which could lead to the large funds being able to remove from large funds.

Hayes shared a chart indicating that the current short -term US Treasury gave 4.3%. However, the BTC CME foundation has reduced the choice after us and ETH CME trade offered comparatively major returns.

Last week, K33 has research analyst Vetle Lunde noted that the CME BTC futures base (monthly) had dropped to market levels before the bun seen by the end of 2023.

For those who do not know, the futures base is the difference between BTC futures and spot index prices. A high positive number suggests raisserted feeling, while a sinking or negative number indicates muted or negative feeling.

Bitfinex -analyst in connection with BTC Woes to macro uncertainty, which also affected the US stock market.

“The decline has been exacerbated by macro -driven uncertainty, as is Bitcoin’s increasing correlation with traditional markets.”

The analysts added the S&P 500 vacant damped risk appetite across the line, including BTC.

In the midst of fear and sales, Chris Burnisk, a partner at Crypto VC Placeholder, claimed that the recovery was a typical recovery of the middle of the bun that was seen in 2021. abandonedThe

“In the middle of 2021 $ BTC pulled down 56%… You can come up with any reason why this bike is different, but the center of the bun that we go through is not outstanding.”

From a basic perspective, BTC’s overheated levels above 2 on the market value to realized value ratio (MVRV), which is a similar pattern as the early 2024 local top.

If the story repeats, a bike top can be observed if MVRV Taps 3.

However, losing $ 91K- $ 90K support held over the past three months would change the market structure for King coins.