[Arthur Hayes: Bitcoin's Four-Year Bull Market Cycle May Be Invalidated, Liquidity of USD and RMB as Key Variables] BitMEX co-founder Arthur Hayes recently published an article titled *'Long Live the King!'*. He stated that Bitcoin's past bull market peaks have been related to changes in the 'price and supply' of the US Dollar (USD) and Chinese Yuan (RMB), and that the current cycle differs from the previous four-year pattern. He reviewed the three cycles from 2009 to 2021: Bitcoin peaked and declined when USD/RMB credit growth slowed or contracted, and interest rates rose; conversely, prices strengthened during periods of large-scale USD quantitative easing (QE), helicopter money, or strong credit expansion in China. The article points out that the Federal Reserve's tendency to lower interest rates and expand the money supply, combined with signals from China ending deflation and moderately increasing credit, could potentially extend the current rally.