Arthur Hayes expresses his views on why the Fed's rate cut plan did not meet expectations

BitMEX co-founder Arthur Hayes posted on his personal social media that his views on the unexpected reasons for the Federal Reserve's interest rate cut plan are as follows: Since Powell announced the interest rate cut in Jackson Hole in September, Bitcoin has fallen by 10%. Why? I think the interest rate cut is beneficial for risk assets. Overnight reverse repurchase (RRP) pays a 5.3% interest rate, and there are no higher bond rates below 1 year. Money market funds (MMF) will shift funds from bonds to RRP, which is negative for liquidity. Since the Jackson Hole meeting, RRP has increased by $120 billion. I think this situation will continue as long as bond rates are lower than RRP.