Arthur Hayes Says $300B Liquidity Drain Is Driving Bitcoin Lower

Arthur Hayes says Bitcoin’s recent pullback is less about crypto-specific weakness and more about a sharp contraction in dollar liquidity rippling through global markets. Key Takeaways: Arthur Hayes links Bitcoin’s pullback to a $300B contraction in U.S. dollar liquidity rather than crypto-specific factors. The USDLIQ index has fallen nearly 7% in six months, reflecting tighter financial conditions. Hayes says government cash buildup and reduced liquidity are pressuring Bitcoin and other risk assets. ...