Bitcoin (BTC) has officially broken through its all-time high, surging past $118,000 on strong volume — a move that has prompted BitMEX co-founder Arthur Hayes to flip decisively bullish. Hayes announced that his Maelstrom Fund is “backing up the truck,” signaling aggressive accumulation in the crypto space.
Hayes Flips Bullish as Bitcoin Hits New ATH
Previously cautious, Hayes had warned about liquidity risks tied to the U.S. Treasury General Account (TGA) refill and macro tightening. However, the latest rally has shifted his outlook. With Bitcoin hitting a new ATH, Hayes now sees momentum turning in crypto’s favor — especially with Ethereum (ETH) starting to show signs of outperformance.
He also highlighted growing speculation around a potential second Trump administration, suggesting it may ease trade tensions and provide a more favorable macro environment for risk assets, including crypto.
From Bearish to Bullish: What Changed?
In earlier essays, Hayes explained his bearish stance stemmed from fears that aggressive Treasury funding would suck liquidity from the markets. He even mocked the Treasury Secretary as “The Big Bessent Cock (BBC),” claiming the Fed was caught in a tight spot — needing to fund ballooning deficits without crashing the bond market.
Hayes outlined a scenario where traditional banks adopt stablecoins, unlocking up to $6.8 trillion in T-bill purchasing power. Combined with a possible Fed decision to stop paying interest on reserves, an additional $3.3 trillion could flood the system — totaling over $10 trillion in potential liquidity injections.
This “new era of quantitative easing,” Hayes said, would indirectly fuel crypto markets, even as the Fed continues its hawkish messaging.
Ethereum Signals Altcoin Surge
As Bitcoin rallies to new highs, Ethereum is following closely, showing signs of a breakout and hinting at a possible “monster alt season,” according to Hayes. His fund, Maelstrom, is now increasing exposure to altcoins in anticipation of broader crypto gains.
Trump Tariff Frontloading Boosts Liquidity
Adding further macro fuel to the fire, QCP Capital reported a surge in frontloading activity — manufacturers accelerating imports and production ahead of potential Trump tariffs. This has driven up trade credit and liquidity across global markets.
QCP believes this macro backdrop, combined with steady ETF inflows and institutional demand, creates an ideal environment for crypto to continue its upside trajectory.
Bottom Line:
Bitcoin hits a new ATH, and with Arthur Hayes turning bullish again, his Maelstrom Fund loading up on crypto is a strong signal of renewed institutional confidence. As macro winds shift and Ethereum gains strength, the stage may be set for a sustained crypto bull run.
