As the Bitcoin creator noted on April 23, 2011, he has now "moved on to other things." By the time he shared this, he had worked on the Bitcoin project for over three years, estimating from when the Whitepaper was written.
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The basis trade involves highly leveraged hedge funds, reportedly operating at leverage ratios of 50-to-1, exploiting minor price discrepancies between Treasury futures and securities. This trade blew up in mid-March 2020 as coronavirus threatened to derail the global economy, leading to a "dash for cash" that saw investors sell almost every asset for dollar liquidity. On March 12, 2020, BTC fell by nearly 40%.
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Note that the persistent bias for ether puts could be partly driven by traders looking to hedge downside risks in other altcoins. Ether is widely seen as the altcoin leader.
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