A renewal of interest by traditional hedge funds in shorting Tether has highlighted the difficulty of betting against the stablecoin that serves as a foundation for much of the trading in the cryptocurrency market.
At stake is not just Tether’s $80 billion market value, but also the vast array of trades facilitated by Tether in the crypto market. Fir Tree Capital Management is making a substantial short wager on Tether, predicting it could pay off within a year, Bloomberg News
For institutional investors, there are two main ways to put on …