I am confused: The only logical reason to borrow BTC is if you think it will go down. If Three Arrow really thought BTC was headed to 2.5m a coin, then they could never sell/spend the coins they borrowed, as the price of buying back to repay the loan would be too high.
So logically they must have been shorting BTC.
And if they were shorting BTC, they should have made ~30% profit in the last few months right?
So what the fuck is actually happening here? Were they lying about being bullish on BTC? And they somehow made an even bigger loss somewhere else that means their BTC short isn't enough to counter that? Or what?
So logically they must have been shorting BTC.
And if they were shorting BTC, they should have made ~30% profit in the last few months right?
So what the fuck is actually happening here? Were they lying about being bullish on BTC? And they somehow made an even bigger loss somewhere else that means their BTC short isn't enough to counter that? Or what?