In his latest essay, Arthur Hayes examines how US Treasury Secretary Scott Bessent's expansion of the long-term Treasury repurchase program is increasing dollar liquidity, a move he believes will primarily benefit Bitcoin.

Hayes contends that Bitcoin has entered a new bull market, though he predicts significant volatility ahead. He also highlights that Maelstrom is presently at "maximum risk" and is positioning bets on Bitcoin, Ethereum, Ena, and ETHFI.