On the 23rd (local time), Arthur Hayes, co-founder of Bitmex, expressed his view on the prospect of a low Bitcoin (BTC) on his blog, drawing keen attention.

Arthur Hayes, co-founder of Bitmex, said, “The BTC price range we should worry about while keeping an eye on the liquidity index and impulse of the U.S. dollar is around 17,500 dollars (about 24.66 million won), the low point in June.”

According to Arthur Hayes’ blog, BTC prices today are determined by the liquidity and technological characteristics of the dollar, and the value of Bitcoin technology will rise to the surface if the global economic war intensifies.


In terms of the recent liquidity of the dollar in the market, the Federal Reserve (Fed) has said it will reduce the size of its balance sheet, and the U.S. Treasury is issuing large amounts of bonds to raise government funds. Both measures result in the removal of dollar liquidity from the system.

The industry predicts that this will cause an impulsive fall and lead to a re-test of the $17,500 low recorded in June by pulling down BTC prices.

Arthur Hayes said, “Whether or not to keep the support line depends entirely on the U.S. liquidity index,” adding, “A week has passed since the Ethereum (ETH) merge (conversion of equity certificates) and the network is operating normally.” “Personally, I predicted the strength of ETH after the merge, but the current ETH is showing weakness,” he analyzed.

Arthur Hayes argues that if the Fed and the U.S. Treasury continue their dollar liquidity recovery plan, ETH will not know whether it will rebound by the end of the year, and that year-end call options will be useless.

“We will never reduce the proportion of ETH and ERC20 Shut Coin,” he said. “We don’t have to worry about time and cost because we’re holding coins in kind.”

He then stressed, “There may be opportunity costs for holding short-term U.S. government bonds and comparative meetings, but it is advantageous to wait in the cryptocurrency market.”

Earlier in June, Arthur Hayes predicted that the selling pressure in the spot market would rise in the event of a collapse of $20,000 in BTC and $1,000 in ETH.

Arthur Hayes, co-founder of Bitmex, analyzed on his Twitter account, “If BTC $20,000 and ETH $1000 are broken, there could be huge selling pressure in the spot market due to hedge demand in the option market.”

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