Cody McGrath 
Within 24 hours, Canada Bitcoin ETF sold 24,500 BTC into the North American market last Friday.
Bitcoin (BTC) experienced strong selling over the weekend, with the BTC price plummeting to $18,000. Since then, Bitcoin has regained more than 10% and is now hovering around the $20,000 mark.
Arthur Hayes, the co-founder of crypto exchange 100x, reports that Canada’s Purpose Bitcoin (BTC) ETF sold a stunning 24,500 BTC by Friday close, North American time, citing Coinglass statistics. It means they sold half of their holdings in a single day, which is a large amount of BTC to sell in a single day.
As previously stated, the BTC price fell below $18,000 during the weekend, reaching a low of $17,600. “Smells like a forced selling triggered a stop-loss run,” Hayes writes.
Hayes anticipates more forced selling incidents in the future, citing the crypto loan market’s grim history. Hayes says:
“After the sellers dumped their bags, the market quickly rallied on low volume. Given the poor state of risk mgmt by #cryptocurrency lenders and over-generous lending terms, expect more pockets of forced selling of $BTC and $ETH as the market figures out who is swimming naked”.
After a severe drop last week, Bitcoin made a strong comeback on Sunday, June 19. For the time being, it is trading above $20,000, but the main question is how long it will last. Bitcoin detractor Peter Schiff writes:
“Don’t get excited about Bitcoin is back above $20K. 20 is the new 30. This is just another bull trap. Nothing drops in a straight line. This slow-motion crash has been extremely orderly. No sign yet of any capitulation that typically forms a bear market bottom”.
Soon after the United States issued its inflation figures for May 2022, Schiff projected that BTC will fall below $20,000 and ETH would fall below $1,000. This occurred only a week after his prediction.
Even Arthur Hayes admits that he is unsure whether there will be any more anguish. However, he feels that “talented knife catchers” will have more opportunities.