Crypto markets face renewed stress as liquidity gauges weaken. Crypto exchange Bitmex co-founder and Maelstrom CIO Arthur Hayes published on Nov. 17 that fading institutional flows and tightening dollar conditions now overshadow bullish political commentary, leaving bitcoin vulnerable to sharper swings.

Hayes wrote:

Bitcoin could absolutely drop to $80,000 to $85,000 during this period of weakness. And if the broader risk markets implode, and the Fed and Treasury accelerate their money printing capers, then bitcoin could zoom towards $200,000 or $250,000 at year end.

The Maelstrom CIO stated that this outlook reflects mounting pressure from deteriorating dollar liquidity rather than a shift in political messaging. He noted that earlier support from bitcoin exchange-traded fund inflows was largely the result of basis traders seeking yield rather than genuine institutional demand. Once spreads compressed, those participants exited positions, creating outflows that weakened retail sentiment.

He further observed that digital asset treasury premiums also flipped to discounts, slowing corporate bitcoin accumulation and removing a buffer that had previously softened the impact of tightening liquidity.

Read more: Arthur Hayes Says Bitcoin’s Next Surge Is Locked in With Fed Liquidity Flood Rising

“The bitcoin dive from $125,000 to the low $90,000s whilst the S&P 500 and Nasdaq 100 indices hover around all-time highs tells me that a credit event is brewing,” Hayes further shared. “I corroborate this view when I observe the decline in my dollar liquidity index from July until now. If my view is correct, a 10% to 20% correction in stonks coupled with a 10-year Treasury yield approaching 5% will be enough to create the urgency to roll out some scheme to print money from the Fed, Treasury or another US government agency.”

The Bitmex co-founder explained that U.S. Treasury cash-balance rebuilding and slower central-bank balance-sheet activity resemble earlier cycles in which policymakers eventually intervened to stabilize markets. He added that zcash may outperform in the near term as demand for privacy technologies increases, particularly given expanding surveillance by governments and major technology firms. Although he expects volatility to persist, he emphasized that long-term crypto fundamentals remain constructive because global policymakers historically revert to liquidity expansion once markets weaken enough to force action.

• Why is bitcoin showing increased volatility now?
  Tightening dollar liquidity and fading institutional flows are amplifying bitcoin’s price swings.
• What price levels did Hayes highlight for bitcoin?
  Hayes warned of a potential dip to $80,000–$85,000 and a possible surge toward $200,000–$250,000.
• How are ETF flows affecting bitcoin sentiment?
  The exit of basis traders from ETF trades triggered outflows that pressured retail sentiment.
• Which altcoin did Hayes say may outperform?
  Hayes pointed to zcash as a potential near-term outperformer due to rising privacy demand.

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