Arthur Hayes, co-founder of BitMEX, wrote on the X platform, "My views on why the Fed's rate cut plan did not meet expectations are as follows: Bitcoin has fallen 10% since Powell announced the September rate cut at Jackson Hole. Why? I think rate cuts are good for risky assets. Overnight reverse repurchases (RRP) pay an interest rate of 5.3%, while no Treasury bond interest rate under 1 year is higher. Money market funds (MMFs) will shift funds from Treasury 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 the Treasury bond interest rate is lower than RRP."