Arthur Hayes, a seasoned market **** yst and former CEO of crypto exchange BitMEX, has chalked up Bitcoin's recent price plunge to reduced dollar liquidity, instead of factors like government support or institutional investors no longer “being long on Bitcoin.”
“Bitcoin is the free-market weathervane of global fiat liquidity,” he wrote Monday. “It trades on the expectation of future fiat supply.”
Bitcoin dropped below $90,000 on Tuesday morning, hitting a seven-month low—one day after erasing all of its 2025 gains. Hayes believes that BTC hitting the low $90,000s while the S&P 500 and Nasdaq