Arthur Hayes throws cold water on the outlook: Without the Fed expanding its balance sheet, Bitcoin is unlikely to make a big move in the short term.
He said bluntly that as long as the Fed or banks aren’t expanding their balance sheets, Bitcoin will remain under pressure—even if dollar liquidity indicators rebound.
Although JoAnne Bianco, a strategist at an asset management firm, believes weaker data could lower the odds of a rate hike in December, LSEG money market pricing shows the probability of a 25-basis-point hike in December still stands at 74%.
He said bluntly that as long as the Fed or banks aren’t expanding their balance sheets, Bitcoin will remain under pressure—even if dollar liquidity indicators rebound.
Although JoAnne Bianco, a strategist at an asset management firm, believes weaker data could lower the odds of a rate hike in December, LSEG money market pricing shows the probability of a 25-basis-point hike in December still stands at 74%.