Arthur Hayes: USD liquidity is recovering, but Bitcoin is expected to remain weak until the Fed expands its balance sheet.

November 3 - BitMEX co-founder Arthur Hayes stated that USD liquidity is recovering, and he expects Bitcoin to remain weak until the Federal Reserve or banks begin expanding their balance sheets.

Arthur Hayes attached a chart showing the year-to-date trend of the USDLIQ U Index for 2026. The index currently stands at approximately 32.71 million, up about 1.406 million year-to-date, a gain of approximately 4.49%, with a high of about 32.9 million and a low of about 31.27 million.