Bitcoin is closely correlated with technology stocks of large companies, making the cryptocurrency vulnerable to a strong fall as the sector comes under renewed pressure from rising interest rates and other factors, according to Arthur Hayes, co-founder of cryptocurrency exchange BitMEX.

In a blog post on Monday, Hayes wrote that he foresees tech stocks being pulled down by rising nominal interest rates, deteriorating global fiat liquidity and lower economic growth.

Hayes showed charts illustrating the close relationship between bitcoin and the Nasdaq-100 index over 10-day, 30-day and 90-day periods, and noted the “high” short-term, or 10-day, correlation.

“For me to raise a flag in support of selling fiat and buying cryptocurrencies ahead of the NDX collapse (30% to 50% drawdown), correlations across all time frames must be trending significantly lower,” he wrote.

“As long as 10-day correlations remain high, we should maintain a defensive stance on cryptocurrencies,” wrote Hayes, who believes bitcoin could test the $30,000 level by the end of the second quarter this June. Bitcoin was trading at around $41,100 on Monday.

The U.S. Federal Reserve is raising interest rates to curb high inflation while cutting back on quantitative easing, which will put further pressure on tech stocks. The Nasdaq-100 index has lost nearly 14% this year, though it has recovered from a 20% drop that marked the fall into a bear market last month.

The Fed has no plans to increase its balance sheet again anytime soon, which means stocks won’t rise,” he said. Global growth, meanwhile, will be hurt by rising commodity prices caused by Russia’s ongoing and possible escalation of its war against Ukraine.

“There is nothing scientific in these numbers but intuition,” he said. Still, he said he’s buying “emergency” June puts for 2022 on bitcoin, as well as on the altcoin ether, which he believes will fall to $2,500 by June of this year.

Arthur Hayes and BitMEX co-founder Benjamin Delo pleaded guilty in February to federal charges of failing to establish an anti-money laundering program at BitMEX. Hayes and Delo paid criminal fines totaling $10 million.