Arthur Hayes, co-founder of crypto exchange Bitmex and chief investment officer at Maelstrom Fund, shared a market outlook on Jan. 27 detailing how central bank balance sheet expansion could determine the next major move for bitcoin and crypto.
In his analysis, Hayes focused on the interaction between currency markets, sovereign bonds, and liquidity conditions as the dominant drivers of crypto price action. He included a chart comparing the U.S. dollar-yen exchange rate with long-dated Japanese government bond yields, showing the two rising together rather than moving inversely. The visual highlighted a period in which yen weakness coincided with higher borrowing costs, a combination Hayes views as a warning sign of structural stress rather than a normal market fluctuation. Against that backdrop, Hayes stated:
“ Bitcoin (white) will pump alongside a growing Fed balance sheet ( gold). It might not happen on your timeframe if you are 100x leveraged trading 1m candles on some shitcoin perp, but bitcoin and quality shitcoins will mechanically levitate in fiat terms as the quantity of paper money rises.”
He used the chart to reinforce his thesis that when traditional relationships break down, policymakers tend to respond with liquidity measures. In Hayes’ framework, balance sheet expansion increases the supply of fiat currency relative to scarce assets, creating a mechanical tailwind for bitcoin regardless of narrative sentiment or short-term positioning.
Read more: Arthur Hayes Discusses How the Price of Bitcoin and Certain Cryptos Will Skyrocket
Later in the essay, Hayes explained: “ Bitcoin fell as the yen strengthened against the dollar. I will not increase risk before I confirm the Fed is printing money to intervene in the yen and JGB markets.” He treated currency-driven volatility as a timing mechanism rather than a refutation of his broader thesis, noting that rapid yen appreciation often coincides with short-term risk reduction across global markets. Hayes added:
“If the Foreign Currency Denominated Assets line item on the Fed’s balance sheet rises w-o-w then it’s time to increase my holdings of bitcoin.”
“I stopped myself out of my long Strategy (MSTR US) and Metaplanet (3350 JP) trades before the yen moves thankfully. I will re-enter these levered Bitcoin proxies if my hypothesis is correct,” the Bitmex co-founder added. His approach emphasized confirmation over anticipation, with balance sheet data serving as the primary signal. Hayes projected that once intervention-driven liquidity becomes visible, bitcoin would lead higher, followed by ethereum and select decentralized finance tokens as higher-beta expressions of the same monetary expansion dynamic.
- Why does Arthur Hayes link bitcoin to central bank balance sheets?
He argues that balance sheet expansion increases fiat supply relative to scarce assets like bitcoin. - What market signals is Hayes watching before buying bitcoin?
He is monitoring Fed balance sheet data, especially foreign currency asset changes. - How does the yen factor into Hayes’ bitcoin outlook?
Rapid yen moves signal risk shifts and potential central bank intervention. - Which crypto assets could benefit after bitcoin, according to Hayes?
He expects ethereum and select DeFi tokens to follow as higher-beta plays.
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