In brief
- Arthur Hayes claims that Bitcoin is being negatively impacted by lower U.S. dollar liquidity.
- The market analyst argued that Bitcoin has been propped up this year by hedge funds performing “basis trades” with Bitcoin ETFs, such as BlackRock’s IBIT.
- He feels that Bitcoin could fall further before booming—if the US government increases the money supply.
Arthur Hayes, a seasoned market analyst and former CEO of crypto exchange BitMEX, has chalked up Bitcoin‘s recent price plunge to reduced dollar liquidity, instead of factors like government support or institutional investors no longer “being long on Bitcoin.”
“Bitcoin is the free-market weathervane of global fiat liquidity,” he wrote Monday. “It trades on the…
Nov 19 2025
