Arthur Hayes Predicts
Crypto Market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта Peak in Mid-
March Before Severe Correction
Arthur Hayes, former CEO of BitMEX, has issued a bold forecast for the
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта market, predicting a peak in mid-March 2025, followed by a
severe correction.
He bases his prediction• Математика » Прикладная математика » Прогноз on an analysis• Математика » Математический анализ of US dollar• Экономика » Финансы » Платежные средства » Доллар США liquidity dynamics and
their impact on global financial markets, particularly crypto.
Role of US• Экономика » Финансы » Платежные средства » Доллар США Treasury as Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Price Tracks Fed• Экономика » Экономика США » Макроэкономика США » Федеральная резервная система США
• Соединённые Штаты Америки (США) » Экономика США » Макроэкономика США » Федеральная резервная система США
• Объект организация » Организации по алфавиту » Организации на Фе » Федеральная резервная система США’s RRP
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Hayes’ analysis• Математика » Математический анализ hinges on two key components of dollar liquidity: the Federal
Reserve’s Reverse Repo Facility (RRP) and the US• Экономика » Финансы » Платежные средства » Доллар США Treasury’s General Account
(TGA). He notes that since Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin bottomed in the third quarter (Q3) of 2022,
its price has largely tracked the RRP’s decline. This, in his opinion,
reflects increased market liquidity.
“As we begin 2025, the question on crypto investors’ minds is whether the
Trump pump can continue,” Hayes wrote in his latest essay, Trump Truth .
The Bitmex co-founder acknowledges the risk of market disappointment. He cites
possible delays in implementing pro-crypto policies under Trump’s
administration . He believes the current dollar liquidity environment remains
favorable.
The Fed• Экономика » Экономика США » Макроэкономика США » Федеральная резервная система США
• Соединённые Штаты Америки (США) » Экономика США » Макроэкономика США » Федеральная резервная система США
• Объект организация » Организации по алфавиту » Организации на Фе » Федеральная резервная система США’s quantitative tightening (QT) policy, which reduces its balance sheet
by $60 billion per month, will remove $180 billion in liquidity by the end of
Q1 2025. However, the Fed• Экономика » Экономика США » Макроэкономика США » Федеральная резервная система США
• Соединённые Штаты Америки (США) » Экономика США » Макроэкономика США » Федеральная резервная система США
• Объект организация » Организации по алфавиту » Организации на Фе » Федеральная резервная система США’s recent adjustment to the RRP rate is expected to
result in a $237 billion liquidity injection. This would offset QT’s impact
and yield a net positive liquidity of $57 billion.
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Hayes highlights the Treasury s critical role in addressing the debt
ceiling , with Treasury Secretary Janet Yellen• Объект человек » Персоналии по алфавиту » Персоналии на Йе » Йеллен, Джанет planning to implement
extraordinary measures to fund government operations between
January 14 and 23. This approach will draw down the Treasury General Account
(TGA), currently at $722 billion, temporarily boosting liquidity as new debt
issuance halts until Congress raises the debt ceiling.
Based on historical spending patterns, Hayes predicts the TGA could be 76%
depleted by March. Of note, this aligns with his forecasted market peak.
Hayes Turns Up the Risk Dial, Cites External Factors
While dollar liquidity is central to his analysis• Математика » Математический анализ, Hayes cautions that other
macroeconomic factors could influence crypto prices. These include potential
shifts in China’s credit policies, adjustments by the Bank of Japan, and
unexpected moves by Trump s administration.
Nevertheless, Hayes remains confident in the math supporting his
liquidity-driven forecast. He points to the correlation between the RRP’s
decline and Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price surge since late 2022. These, he says, are
evidence of liquidity’s dominant role.
As part of his strategy, Hayes plans to increase risk exposure through
investments in decentralized science ( DeSci ) projects. Maelstrom, the
investment fund he leads, has acquired tokens such as BIO , VITA, ATH, GROW,
PSY, CRYO, and NEURON. The investments signal a bet on the emerging DeSci
narrative.
The statement reiterates his readiness to adopt high-risk, high-reward
opportunities. His enthusiasm reflects a broader trend of investors seeking
niche sectors with transformative potential. Nevertheless, Hayes acknowledged
past forecasting errors while emphasizing the importance of adjusting
strategies based on new data.
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For now, Arthur Hayes is bullish on the crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта’s near-term prospects.
Still, he advises caution as the first quarter concludes, signaling a
strategic retreat as dollar liquidity conditions tighten in the second
quarter.
“Sell in the late stages of Q1, then chill,” he advises.
Taken together, Hayes’ liquidity-driven analysis• Математика » Математический анализ offers a compelling roadmap
for crypto investors amid an uncertain macroeconomic environment. While the
promise of a mid-March peak is enticing, his call for caution reflects the
volatility inherent in the crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта.
Hayes s prediction• Математика » Прикладная математика » Прогноз aligns with forecasts from data analytics provider
CryptoQuant. A contributor, Crypto Dan, recently highlighted that the ongoing
bull market, which began in January 2023, could peak by Q1 or Q2 of 2025.
Dan’s analysis• Математика » Математический анализ suggests that 36% of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin traded during the Q4 of 2024 was
held for less than a month, mimicking patterns witnessed during previous
market tops.
“With a substantial influx of new investments as well as additional funds from
existing investors, it is reasonable to expect that the market is now in the
latter stages of this cycle,” the post reads.
Despite this, he indicates that significant gains in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and altcoins
remain possible before the market corrects. Crypto Dan calls for caution amid
a maturing cycle.
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