BitMEX co-founder and Maelstrom CIO Arthur Hayes argued in his latest essay, Same Same But Different, that U.S. Treasury Secretary Scott Bessent’s expansion of longer-dated Treasury buybacks is effectively creating more dollar liquidity and should benefit Bitcoin first.

Hayes said an aggressive scenario could see the Treasury move toward de facto yield-curve control if the 10-year yield breaches 5%, while a more likely path involves steadily larger buybacks and deployment of roughly $1 trillion held in the Treasury General Account. He believes Bitcoin has entered a new bull market but expects significantly higher volatility, adding that Maelstrom is now at “maximum risk,” with major exposure to BTC, ETH, ENA and ETHFI.