Contagion. (Any views expressed in the below are… | by Arthur Hayes | Oct, 2022

  1. A USD-based investor notices the high price of BTC in EUR terms.
  2. This investor borrows USD, then sells it vs. buying BTC.
  3. Then they sell BTC vs. buy EUR.
  4. Then they sell EUR vs. buy USD.
  5. The investor pays back the USD loan, and the remainder is their profit.

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