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Chayanika Deka

Arthur Hayes Sees 2026 Liquidity Boost as Bitcoin Lagged in 2025 Cites $40B/Month Fed

Arthur Hayes said in his essay "Frowny Cloud" that Bitcoin underperformed in 2025 despite an all-time high above $126,000, citing a contraction in US dollar credit. He expects 2026 to bring a rebound in liquidity via Federal Reserve balance-sheet expansion and Reserve Management Purchases, estimating at least $40 billion per month, and disclosed leveraged BTC exposure through Strategy and Metaplanet.