Hayes Declares New Bull Market for Bitcoin as BTC Breaks Above $80,000

Arthur Hayes, a well-known cryptocurrency expert and founder of BitMEX, has declared that a new bull market for Bitcoin (BTC) has begun. This prediction comes after BTC broke above $80,000 on August 25, with Hayes linking the advance to Treasury bond buybacks and possible cash deployment from the Treasury General Account.

According to Hayes, both measures could add liquidity in dollars and favor scarce assets, making them a favorable environment for Bitcoin. However, it's essential to note that this policy connection is a market thesis rather than an official guarantee.

The BTC price has gained 28% during August and is heading for its strongest month since November 2024. A weaker dollar also contributed to the demand for alternative assets, including Bitcoin and gold.

Fresh demand for exchange-traded funds (ETFs) also supported the move, separating the rally from a purely speculative surge. U.S.-listed Bitcoin ETFs attracted $337.56 million on August 24, based on SoSoValue data, marking a sixth straight session of net inflows.