Arthur Hayes’ ‘Reality test’ maps the next big crypto rotation as the market’s liquidity tide shifts
cryptohayes.substack •
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Promote with Leviathan News$314B in USD stables is still a huge base, but DeFiLlama has the float down about $5.7B over the last month, so the tide is already leaking before the macro puke gets dramatic. HYPE being on Hayes’ sell list is the sharper part: Hyperliquid L1 still has roughly $6.6B in stables, which means good perp infra can get sold for balance-sheet reasons long before PMF breaks.
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BitMEX, founded by Arthur Hayes in 2014, will shut down permanently on September 23 and halt new registrations.
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Frowny cloud. This article by Arthur Hayes questioned why Bitcoin struggled in 2025 while assets like gold and the Nasdaq continued to rise. His answer was straightforward: liquidity. Without an expanding supply of dollars, Bitcoin lacks the fuel needed to outperform. Dollar liquidity must expand for that to happen, Hayes said, adding that he expects those conditions to materialize in 2026.
cryptohayes.medium ·
BitMEX, founded by Arthur Hayes in 2014, will shut down permanently on September 23 and halt new registrations.
𝕏/@WuBlockchain ·
BitMEX co-founder Arthur Hayes dumped his Zcash holdings following disclosure of an Orchard Pool flaw, saying he may revisit the asset if concerns about a potential exploit are disproven
Coindesk ·
Bitcoin’s Biggest Risk Isn’t Iran, It’s AI: Arthur Hayes
Youtube ·
This is fine: Arthur Hayes's essay on why BTC is predicting an AI-adoption driven financial crisis which will be solved with printed money.
cryptohayes.substack ·
Arthur Hayes theorizes the Fed will print money to stabilize Japanese bond markets, expanding its balance sheet and mechanically lifting bitcoin. Crypto traders should await confirmation via the Fed's H.4.1 report before adding risk.
cryptohayes.substack ·
Frowny cloud. This article by Arthur Hayes questioned why Bitcoin struggled in 2025 while assets like gold and the Nasdaq continued to rise. His answer was straightforward: liquidity. Without an expanding supply of dollars, Bitcoin lacks the fuel needed to outperform. Dollar liquidity must expand for that to happen, Hayes said, adding that he expects those conditions to materialize in 2026.
cryptohayes.medium ·