Arthur Hayes noted that the Federal Reserve’s FIMA facility, with a $6 billion cap, is a key trigger point for the bitcoin liquidity crisis. He expects this limit to be lifted to accommodate larger pools of capital such as Japan’s government pension funds, which would in turn drive a significant surge in the BTC price.
This perspective is directly linked to the structural bottlenecks in the current global macro liquidity—namely, existing mechanisms cannot accommodate the intervention of sovereign funds on an ultra-large scale, thereby limiting the upside potential of risk assets.
The deeper reason lies in the operating logic of FIMA (the Foreign and International Monetary Authorities’ Repurchase Facility) and the constraints imposed by current rules. This mechanism allows authorized foreign official accounts to temporarily obtain dollars by pledging U.S. Treasury bonds as collateral. The relevant monetary authorities first hand over the Treasuries to the Federal Reserve in exchange for dollars, and then use those dollars to buy yen. This structure does not require the direct sale of Treasuries and can therefore provide funding support for currency intervention.