🚀 Bitcoin Smashes ATH as Arthur Hayes Goes Full Bull: ‘Maelstrom Is Loading the Cannons’

Bitcoin just ripped through its all-time high—again. And this time, even the skeptics are scrambling to get onboard.

Arthur Hayes, the crypto OG who once warned of 'crypto winters,' just flipped the script. His fund, Maelstrom, is now aggressively accumulating BTC. No more hedging—just full send.

### Why the sudden bullish frenzy?

Institutional FOMO meets post-halving scarcity. TradFi banks are still stuck debating custody solutions while degens front-run them with cold wallets and 10x leverage. Classic.

### The real question: How high?

With macro tailwinds (read: collapsing fiat currencies) and spot ETF flows hitting record volumes, $100K looks like a pit stop. Hayes’ pivot signals what insiders knew all along: the ‘store of value’ narrative was always code for ‘get rich or die trying.’

Closing thought: Wall Street will adopt Bitcoin right after it peaks—just in time to bag-hold for the next cycle. Happy hunting.

From Bearish to Bullish

This pivot follows Hayes’ prior cautious stance, which was rooted in concerns about a Treasury General Account (TGA) refill draining liquidity.

In his previous essay, Hayes explained that the US Treasury Secretary, whom he calls “The Big Bessent Cock (BBC),” faces an impossible task: funding ballooning deficits without causing a bond market revolt. To manage this, the government is turning to innovative liquidity engineering, including stablecoin adoption by “too big to fail” (TBTF) banks, which could unlock up to $6.8 trillion in T-bill buying power.

Hayes also noted that if the Fed stops paying interest on reserves, it could unleash another $3.3 trillion, bringing the total potential liquidity injection to $10.1 trillion.

He argued this approach was the modern replacement for QE, by maintaining equity markets and crypto afloat despite the Fed’s tightening posture. The exec warned that the TGA refill could briefly interrupt crypto’s bull momentum.

Despite this, Bitcoin’s resilience in busting through resistance while Ethereum appears to be positioning for a “monster alt season.”

“Frontloading Ahead of Trump Tariffs”

Adding to this backdrop, QCP Capital, in its latest analysis, also identified frontloading ahead of potential TRUMP tariffs as a key macro driver. Manufacturers are accelerating imports and production to preempt implementation, which has led to increased trade and manufacturing credit and improved liquidity conditions.

The firm views the current environment as supportive for continued crypto upside, with steady ETF inflows and strong structural demand boosting momentum.