‍Arthur Hayes: Global Liquidity, Not Halving, Drives Crypto Cycles
BitMEX co-founder Arthur Hayes argues that Bitcoin's cycles are dictated by global money supply (USD and CNY), not the four-year halving event. He cites US monetary policy shifts, including draining the Fed's Reverse Repo program and potential rate cuts despite inflation, as key drivers. While some analysts see echoes of past cycles, Hayes emphasizes focusing on liquidity as the primary determinant of Bitcoin's trajectory.