# Crypto Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Crypto", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Arthur Hayes: Awaiting Fed Signal, Replenishing Ammo to Position for Crypto Bull Market

Arthur Hayes, co-founder of BitMEX, argues that the yen is significantly undervalued and analyzes three potential paths for its appreciation. He dismisses the first two options—the Bank of Japan raising interest rates or Japanese institutions selling foreign assets—as politically or economically unfeasible. Instead, he identifies the preferred method: Japan's Ministry of Finance (MOF) using the Federal Reserve's FIMA (Foreign and International Monetary Authorities) repo facility to borrow dollars against its U.S. Treasury holdings, then selling those dollars to buy yen in the forex market. Hayes explains that U.S. Treasury Secretary "Besant" has already called for removing the FIMA per-counterparty limit to enable this. The execution depends on Fed Chair "Warsh" convening a subcommittee to adjust the FIMA rules. Hayes is confident this will happen, signaling a major shift in USD/JPY dynamics and the end of the "cheap" yen era. He connects this potential massive dollar liquidity injection directly to a surge in asset prices, particularly Bitcoin, physical gold, and gold miners' stocks, drawing parallels to the Fed's balance sheet expansion during COVID-19. Within crypto, besides Bitcoin, he views Ethereum as undervalued and highlights Ethena (ENA) as a high-potential, speculative altcoin that could see 5-10x returns if liquidity increases and boosts Bitcoin basis trade yields. Hayes concludes he is waiting for the Fed's signal to fully deploy capital, anticipating a significant crypto bull market.

marsbit08/20 03:57

Arthur Hayes: Awaiting Fed Signal, Replenishing Ammo to Position for Crypto Bull Market

marsbit08/20 03:57

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