- Arthur Hayes said expanded long-dated US Treasury buybacks would inject dollar liquidity, with Bitcoin set to be the first asset to benefit.
- Hayes said financial-market liquidity could expand further if roughly $1 trillion in the Treasury General Account, or TGA, enters markets, and he raised the possibility of de facto yield curve control (YCC) if the 10-year US Treasury yield rises above 5%.
- He said Bitcoin has entered a new bull market in that environment, while warning of larger price swings and saying his portfolio is in "maximum risk" mode.
Arthur Hayes Says Bitcoin Has Entered New Bull Market as US Treasury Buybacks Boost Liquidity
Arthur Hayes said Bitcoin has entered a new bull market, linking the outlook to increased liquidity from US Treasury buybacks. The claim was reported by Bloomberg-backed crypto outlet Bloomingbit, though the excerpt provides no further…
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Aug 25, 2026 at 2:02 AM UTC · 1 min de leitura
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Bitcoin stands to benefit first as expanded long-dated US Treasury buybacks add dollar liquidity to the financial system, according to Arthur Hayes.
In a Substack post titled "Same Same But Different" published on Aug. 24, the BitMEX co-founder wrote that Treasury Secretary Scott Bessent's expansion of long-term Treasury buybacks would in effect inject dollar liquidity into markets. Bitcoin would be the first asset to benefit, he wrote.
Hayes also expects the Treasury to keep increasing the scale of its buybacks. If roughly $1 trillion held in the Treasury General Account, or TGA, is also pushed into markets, financial-market liquidity could expand further.
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