Somebody opened a $4.2Bn short position on BTC, and spent $1Bn buying UST, on the theory that them unwinding their $1Bn purchase would cause the backers of UST to sell $1Bn in BTC which would somehow result in massive profits on their $4.2Bn BTC short?
Somebody opened a $4.2Bn short position on BTC, and spent $1Bn buying UST, on the theory that them unwinding their $1Bn purchase would cause the backers of UST to sell $1Bn in BTC which would somehow result in massive profits on their $4.2Bn BTC short?