Arthur Hayes Says Bitcoin Faces Weakness Until Fed or Banks Expand Balance Sheets

Arthur Hayes, BitMEX co-founder and Maelstrom chief investment officer, said on X on Nov. 3, 2026, that bitcoin will remain weak until the Federal Reserve or banks expand their balance sheets. The .USDLIQ dollar-liquidity index stood at 32.71 million on November 2, up 4.49% since January but about 0.6% below its October peak of 32.90 million. Balance sheets grow when central banks or lenders buy assets or extend credit, adding money to the financial system. The post followed Hayes's October 15 recommendation to buy bitcoin and ether; days later he sold about $22.28 million in crypto from Maelstrom's portfolio of price bets and said he planned to sit out the market. Bitcoin fell below $77,000.