Arthur Hayes Ties Bitcoin’s 2026 Record High Potential to Expanding Dollar Liquidity

On January 15, 2026, Arthur Hayes argued that Bitcoin could move to new all-time highs in 2026 if U.S. dollar liquidity expands again. He links Bitcoin’s weak showing in 2025 to the Federal Reserve’s prior balance sheet reduction and tighter financial conditions. Hayes believes a renewed growth in the monetary base and broader liquidity could shift capital from assets like gold and tech stocks back into Bitcoin.