Arthur Hayes Says New Bitcoin Bull Market Has Begun as Dollar Liquidity Rises

Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom, said Bitcoin has entered a new bull market, arguing that expanding U.S. Treasury buybacks are increasing dollar liquidity that could benefit the cryptocurrency.

In his latest essay, Same Same But Different, Hayes said Treasury Secretary Scott Bessent’s expansion of longer-dated Treasury buybacks could be followed by progressively larger purchases and the deployment of roughly $1 trillion held in the Treasury General Account.

Hayes outlined a more aggressive scenario in which the Treasury could move toward de facto yield-curve control if the 10-year Treasury yield rises above 5%.

He expects Bitcoin’s advance to come with substantially higher volatility. Hayes said Maelstrom is now at “maximum risk,” with major exposure to Bitcoin, Ethereum, Ethena’s ENA token, and Ether.fi’s ETHFI token.

Source: Arthur Hayes