A closely followed crypto capitalist is issuing a warning that Bitcoin (BTC) and Ethereum (ETH) are on the verge of another massive sell-off event despite being down big from their all-time highs.

Former BitMEX CEO Arthur Hayes says that he’s keeping a close watch on on-chain data using decentralized finance (DeFi) analytics platform Parsec.

If these levels break, $20,000 BTC and 1,000 ETH, we can expect massive sell pressure in the spot markets as dealers hedge themselves. We can also expect that there will be some over-the-counter dealers and that will be unable to hedge properly and might go belly up.“

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