Arthur Hayes: A bull market’s early stage is always accompanied by a “wall of worry”; an AI crypto panic in 2026 may be a sign of an upcoming rally
October 9 news: Arthur Hayes, co-founder of BitMEX, posted on social platform X, offering his latest assessment of the current macro sentiment in the crypto market and its future trend.
He pointed out that the launch of a super bull market is often accompanied by widespread market concern, the so-called “climbing a wall of worry.”
After reviewing the launch backdrop of multiple major crypto bull markets, Hayes found that at the start of each bull run, the market encounters all kinds of crises or panic.
He also cited three key moments to support this view: the 2017 Bitcoin block size dispute, the shock of the COVID-19 pandemic in 2020, and the collapse of FTX in 2023 combined with aggressive interest rate hikes by global central banks.
But in 2026, he believes the market’s current “worry” is concentrated in the panic caused by AI and crypto technology (AI encryption FUD).
Although technical disagreements still remain, Hayes ended with a fairly clear bullish conclusion: “Money will be printed, and positions will soar.”
This statement seems to suggest that regardless of how technical disputes unfold, macro-level liquidity expansion remains the core driver of asset price gains, and the current panic may instead be a typical feature of the early stage of a new bull market.
#比特币牛市
October 9 news: Arthur Hayes, co-founder of BitMEX, posted on social platform X, offering his latest assessment of the current macro sentiment in the crypto market and its future trend.
He pointed out that the launch of a super bull market is often accompanied by widespread market concern, the so-called “climbing a wall of worry.”
After reviewing the launch backdrop of multiple major crypto bull markets, Hayes found that at the start of each bull run, the market encounters all kinds of crises or panic.
He also cited three key moments to support this view: the 2017 Bitcoin block size dispute, the shock of the COVID-19 pandemic in 2020, and the collapse of FTX in 2023 combined with aggressive interest rate hikes by global central banks.
But in 2026, he believes the market’s current “worry” is concentrated in the panic caused by AI and crypto technology (AI encryption FUD).
Although technical disagreements still remain, Hayes ended with a fairly clear bullish conclusion: “Money will be printed, and positions will soar.”
This statement seems to suggest that regardless of how technical disputes unfold, macro-level liquidity expansion remains the core driver of asset price gains, and the current panic may instead be a typical feature of the early stage of a new bull market.
#比特币牛市