BitMEX co-founder Arthur Hayes said the recent Bitcoin selloff was likely driven by dealer hedging linked to iShares Bitcoin Trust (IBIT) structured products. These hedging activities, where market participants adjust positions based on price movements, can amplify volatility. Hayes is also compiling a detailed list of bank-issued notes and related products to identify potential trigger points that could cause sharp Bitcoin swings. He stressed that as market conditions evolve, traders and institutions must adapt quickly to navigate sudden price changes.