Hayes Sees Bull Market in Bitcoin Amid $80K Breakout
The price of Bitcoin (BTC) surpassed $80,000 on August 25, according to CoinGecko data. This milestone has led Arthur Hayes to declare that a new bull market has begun.
Hayes' argument is based on the potential liquidity injections from Treasury bond buybacks and possible cash deployment from the Treasury General Account (TGA). He believes these measures could add liquidity in dollars, favoring scarce assets like Bitcoin. However, it's essential to note that this connection is a market thesis rather than an official guarantee.
The Bitcoin price has gained 28% in August, with a significant portion of the growth attributed to institutional inflows. U.S.-listed Bitcoin ETFs attracted $337.56 million on August 24, marking a sixth consecutive session of net inflows, according to SoSoValue data.