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Tanzeel Akhtar

Arthur Hayes Attributes Bitcoin's 25% Decline to U.S. Dollar Liquidity Contraction

BitMEX co-founder Arthur Hayes attributes Bitcoin's 25% decline from its all-time high to contracting U.S. dollar liquidity rather than political factors. Hayes notes his proprietary USD Liquidity Index has fallen 10% since April, even as Bitcoin initially rallied 12% during the same period. He identifies spot Bitcoin ETF flows and basis trades as temporary factors that masked underlying macroeconomic weakness.