Bitcoin vs Nasdaq Divergence: Liquidity Warning Arthur Hayes: Bitcoin and Nasdaq are diverging, hinting at an AI-driven credit crisis. Consumer credit losses are estimated to reach $330 billion, but experts are skeptical about the timeline. Bitcoin has dropped since its October 2025 peak, while the Nasdaq remains flat, reflecting the employment shock caused by AI advancements. Hayes believes this signals an impending dollar credit squeeze. He predicts AI could lead to massive loan losses for U.S. banks, though doubts remain about the urgency of his timeline. Additionally, market participants suggest that Bitcoin's sensitivity to liquidity changes might indicate a reassessment of the stability of the monetary system. Large-scale money printing could potentially push Bitcoin to new highs. (decrypt)