Arthur Hayes says cash flow, stablecoins and DEXs will define the post-easy-money crypto market in 2026

In a January 22 2026 interview, Maelstrom CIO and BitMEX co-founder Arthur Hayes argued that the easy-money phase in crypto has ended and that revenue now determines which tokens, stablecoins and venues will endure. He said Bitcoin still dominates while many altcoins are "zombie" projects, outlined why only a few stablecoin models such as Tether, Ethena and large banks have durable moats, and predicted that decentralized exchanges could steadily take market share from centralized platforms. Hayes also discussed his focus on cash-flowing businesses, risks in policy-driven macro shocks, and how memecoins reflect pockets of crypto market sentiment.