Arthur Hayes has outlined his « Yen-quake » macro thesis, arguing that efforts to support the Japanese yen could inject fresh dollar liquidity into global markets and become bullish for Bitcoin. His thesis centers on the Federal Reserve’s FIMA Repo Facility, a mechanism that allows foreign institutions to access dollars against US Treasury collateral. Hayes argues this channel could help Japan manage yen pressure without selling Treasuries outright while creating conditions supportive of risk assets. Bitcoin has become a liquidity-sensitive asset, benefiting when global dollar liquidity expands and struggling when it tightens. However, this analysis remains speculative and does not represent confirmed Federal Reserve policy.
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