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10/
Final takeaway:
The current dip is a liquidity story, not a demand story.
Hayes expects the macro environment to flip later this year, and when it does, he sees Bitcoin resuming its upward trend.
🧵 End.
Bitcoin is down ~25% from its early-October high.
Arthur Hayes says the drop has nothing to do with sentiment — the cause is USD liquidity tightening.
He believes this pullback is temporary.
👇
9/
Hayes believes we are in the “drop first” phase — then comes the reversal.
Once the Treasury boosts liquidity again, he expects Bitcoin to recover into year-end.
He maintains a bullish multi-month outlook.