Full Text by Arthur Hayes: 'We Are in the Mid-Cycle Phase, DAT Could Trigger an "FTX-Like Collapse"' (Author: Kyle Chasse) Arthur Hayes believes that we are currently in the 'mid-cycle phase,' where monetary policy shifts and fiscal expansion overlap. In the future, we can expect a period of continuous Fed rate cuts and large-scale fiscal stimulus. In this context, stablecoins will become key 'price-insensitive buyers' of USD assets and will channel funds on-chain through DeFi protocols, driving the revaluation of protocols with real yields and cash flow capabilities. At the same time, Bitcoin remains the core asset for hedging against fiat currency depreciation. However, he also warns that as the DAT model spreads, the market may eventually experience events similar to the FTX collapse, with risks surfacing at the end of the cycle. Read the full article: https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=47&id=49094