Emre Yumlu 
Volatility has once again taken control of the cryptocurrency markets, and one of the most closely followed voices in the industry, Arthur Hayes, has shared a striking analysis of the recent downturn. After reducing his altcoin exposure, Hayes published a new commentary addressing Bitcoin’s sharp correction from the $125,000 region down to $90,000. According to him, this move reflects far more than routine market turbulence—he believes it signals mounting pressure within the global financial system.
A Market Disconnect: Bitcoin Falls as Major Indexes Hold Near Highs
One of Hayes’ central observations is the unusual divergence between Bitcoin and traditional markets. While BTC has experienced a steep pullback, equities such as the S&P 500 and Nasdaq remain close to their peak levels. Hayes interprets this as an anomaly, suggesting that something fundamental within the financial ecosystem is beginning to crack.
He adds that the rally seen after April’s geopolitical tensions was not sustainable. Instead of representing genuine market strength, the upward movement was largely fueled by ETF inflows. Once those inflows slowed, the bullish momentum quickly faded.
Potential Downside Targets: “Bitcoin Could Slide to $80,000–$85,000”
Hayes describes Bitcoin as a barometer of liquidity conditions. As liquidity weakens globally, he expects BTC to face deeper declines. The current price behavior, he argues, aligns with the early stages of a developing credit crisis—one that could soon reveal itself more broadly. In this environment, Hayes believes a drop toward the $80,000 to $85,000 range remains a realistic possibility.
After the Crash: “Money Printing Will Accelerate” Said Hayes
If a full-scale financial disruption emerges, Hayes anticipates rapid intervention from both the U.S. Treasury and the Federal Reserve. Such a scenario would likely involve aggressive monetary expansion. While painful in the short term, he suggests this response would ultimately set the stage for Bitcoin’s next major leg upward, potentially pushing the cryptocurrency toward the $200,000 to $250,000 zone once liquidity floods back into the system.
Looking Toward 2026: “China Will Ignite the Next Bull Cycle”
Beyond the immediate market pressures, Hayes sees China playing a critical role in shaping the next major crypto bull run. He notes that Beijing is currently reluctant to ease monetary policy due to its desire to project a strong yuan. For China to begin expanding, the United States must first take the lead in boosting liquidity. Once that happens, Hayes believes China will follow—an event he expects to ignite the 2026 crypto bull cycle.
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