Arthur Hayes, co-founder of BitMEX, declared that the next bull market has just begun, with bitcoin having crossed the $80,000 threshold. This rally is being supported by bond buybacks announced by the US Treasury, which plans to double its purchases of long-term bonds from $2 to at least $4 billion per operation starting September 9. Hayes compares Scott Bessent’s strategy to that of Janet Yellen, both seeking to keep the ten-year US Treasury yield below the critical 5% level. Arthur Hayes’s fund Maelstrom has been placed in maximum risk mode with significant positions in Bitcoin, Ethereum, Ethena and Ether.fi. This thesis remains conditional: the announced buybacks remain modest compared to the $40 trillion in US debt.
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