#ArthurHayes This guy is back with macro nonsense again! He directly claims that this Bitcoin crash is synchronized with the contraction of US dollar liquidity, with about 300 billion dollars evaporating in US dollar liquidity over the past few weeks!
This is mainly because the US Treasury General Account (TGA) surged by 200 billion dollars, as the government fears a shutdown and hoards cash in advance to ensure expenditures, just in case Congress creates chaos again, they need to have money prepared.
Therefore, the drop of $BTC is not surprising, as liquidity tightens, all risk assets will take a hit. With less US dollar money, the market gets anxious.
Hayes' consistent macro logic: BTC price is essentially tied to US dollar liquidity—tighten and it crashes, expand and it soars. This wave is just a short-term liquidity squeeze interlude. Once the TGA has enough reserves and the government starts spending, liquidity will rebound, and BTC will likely take off (he predicted a major liquidity expansion in 2026 last year, with BTC reaching new highs).
