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Promote with Leviathan NewsArthur Hayes, co-founder and former CEO of BitMEX and now head of the Maelstrom crypto fund, has turned short‑term bearish on Bitcoin in a new Substack essay titled “The Ugly.” In the piece, published on his Cryptohayes Substack, he argues that Bitcoin is likely to retrace to roughly $70,000–$75,000 before resuming its broader bull trend, framing this as a typical ~30–36% correction within an ongoing cycle rather than the end of the market. He links this expected drawdown to mounting macroeconomic risks and stresses in the traditional financial system, warning of what he describes as a “mini financial crisis” that could emerge from tighter liquidity and shifting expectations around central bank policy. Hayes’ thesis is that macro and treasury-market dynamics now pose a near‑term headwind for risk assets, including Bitcoin. He points to signs of stress in sovereign bond markets and evolving U.S. Treasury funding conditions as indicators that liquidity could temporarily tighten before policymakers are forced back toward more accommodative measures. At the same time, he highlights the explosive rally in politically themed memecoins such as the $TRUMP token as a signal of frothy speculative behavior at the edges of the crypto market, suggesting this kind of volatility often appears near local tops and can precede a broader market shakeout. Despite the bearish near‑term view, Hayes maintains a structurally bullish stance, reiterating that after a corrective phase, renewed liquidity and money printing could propel Bitcoin to significantly higher levels—up to $250,000 by 2025 in his broader framework.
AI-generated background, compiled from web sources — not editorial content.
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