Arthur Hayes 最新文章《Frowny Cloud》：预计 2026 年美元信用将再度扩张，看好 BTC 等风险资产

Core Viewpoint - The performance of Bitcoin (BTC) in 2025 is expected to be poor primarily due to a contraction in US dollar liquidity, according to Arthur Hayes, co-founder of BitMEX [1] Group 1 - Hayes anticipates that US dollar credit will expand again in 2026, which includes a rebound in the Federal Reserve's balance sheet, an increase in commercial bank loans, and a decrease in mortgage rates, positively impacting BTC and other risk assets [1] - Previously, Hayes indicated that key trades for the first quarter include going long on Strategy (MSTR) and Metaplanet (3350) as leveraged exposure to BTC [1] - Hayes also mentioned plans to continue increasing positions in Zcash (ZEC) [1]