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Just because you can short futures doesn't mean you can effectively short bitcoin. You see this immediately if you look at the forward prices which are vastly different from the actual price.

There is no instrument to borrow and short real Bitcoin.

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I'm not sure if I understood you correctly as there are multiple ways one can short Bitcoin at the moment if they wish to. But in the end I think we all need to remember that any theory presented by anyone here would only serve as a hypothesis based on speculation. There's no way to prove it as nobody really knows what's going on except those key individuals involved.

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