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Arthur Hayes: The influx of funds into ETFs and DAT has ended, and if liquidity cannot cover Bitcoin, it must fall.
ChainCatcher news, Arthur Hayes stated in his latest article that although the liquidity of the US dollar has contracted since April 9, the inflow of ETF and the purchase of DAT have enabled Bitcoin to rise, but this situation has now come to an end. The tone is insufficient to encourage institutional investors to continuously purchase ETFs, and most DATs are trading below mNAV, leading investors to begin avoiding these Bitcoin derivative securities. If this liquidity cannot mask negative liquidity, Bitcoin must fall to reflect current short-term concerns that dollar liquidity will contract or will not grow as quickly as politicians have promised.