Crypto Hedge Funds, Traders Short Tether After UST’s Implosion: Report

“There has been a real spike in the interest from traditional hedge funds who are taking a look at tether and looking to short it,” says head of institutional sales at Genesis Global Trading. Marshall added the positions were worth at least “hundreds of millions” of dollars. The positions are worth ‘hundreds’ of millions of dollars, he said. ‘Hundreds of thousands” are at stake in tethers, he added, adding to the market value of $1.2 billion. The market is currently trading at $2.5 billion per day in the form of interest from hedge funds, analysts say. The price of tethers has risen to $1 billion in value since 2008. Source