Arthur Hayes: Dollar Liquidity Will Drive BTC Higher in 2026

BitMEX co-founder Arthur Hayes claimed that Bitcoin’s weak performance in 2025 was a direct result of tightening dollar liquidity. Notably, Bitcoin fell 14.4% last year as liquidity declined. Gold soared 44.4% in the same period. US tech stocks also outperformed, supported by state-backed capital flows rather than free-market demand. In a recent blog post, Hayes explained that Bitcoin only responds to one variable i.e., the rate of fiat debasement. Generally, when liquidity contracts, BTC sees downside ...