# Сопутствующие статьи по теме Treasuries

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Treasuries", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Arthur Hayes: Bitcoin's 'Dollar Liquidity Anxiety' – What Fate Awaits in the Easing Cycle?

Arthur Hayes analyzes the divergent performance of Bitcoin, gold, and US tech stocks (Nasdaq 100) in 2025, attributing it to shifts in US dollar liquidity and geopolitical factors. While Bitcoin declined due to contracting dollar liquidity, gold surged as central banks, wary of US sanctions after the 2022 Russian asset freeze, accelerated gold accumulation as a reserve alternative. The Nasdaq outperformed despite liquidity contraction because the US government, under Trump, effectively nationalized the AI industry, directing policy and credit to strategic sectors, similar to China's state-capitalist model. Hayes predicts a reversal in 2026, with three key drivers expanding dollar liquidity: the Fed's new Reserve Management Purchases (RMP) program injecting at least $40B monthly, increased bank lending to government-backed strategic industries, and a $200B mortgage-backed securities purchase to lower rates and stimulate housing. He argues Bitcoin's price is tightly correlated with dollar liquidity and expects it to rally as liquidity expands. His investment strategy includes leveraged Bitcoin exposure through equities like MSTR and Metaplanet, and accumulating Zcash (ZEC).

marsbit01/15 08:25

Arthur Hayes: Bitcoin's 'Dollar Liquidity Anxiety' – What Fate Awaits in the Easing Cycle?

marsbit01/15 08:25

Gold to Reach $12,000? Arthur Hayes Deciphers the 'War Code' Behind It

Arthur Hayes argues that Bitcoin's underperformance in 2025, compared to gold and the Nasdaq, is due to a decline in US dollar liquidity. He posits that gold's surge is driven by price-insensitive central bank buying, fueled by a global shift away from US Treasury holdings following the 2022 seizure of Russian assets. This move towards settling trade deficits with gold supports its rise independent of dollar liquidity. Conversely, the Nasdaq's resilience is attributed to the "nationalization" of AI by the US and China, where government-backed capital expenditure continues to fuel growth of strategic tech companies despite tighter liquidity. Hayes predicts a significant expansion of dollar liquidity in 2026 through Federal Reserve actions, increased bank lending, and lower mortgage rates, which he believes will propel Bitcoin's price upward. His trading strategy involves leveraged Bitcoin exposure through stocks like MicroStrategy and Metaplanet.

比推01/15 00:17

Gold to Reach $12,000? Arthur Hayes Deciphers the 'War Code' Behind It

比推01/15 00:17

Wyoming Debuts FRNT As The United States’ First Fully State-Issued Stablecoin

Wyoming has launched the Frontier Stable Token (FRNT), the first fully state-issued stablecoin in the US. Announced by Governor Mark Gordon, FRNT is a fiat-backed and fully reserved token, now available on the Kraken exchange. It operates on the Solana blockchain with cross-chain support via Stargate. Backed by US dollars and short-duration Treasuries, it aims to reduce transaction costs, generate state revenue, and ease the tax burden. Managed by Franklin Templeton, FRNT targets retail, institutional, and government users for fast, low-cost settlements.

bitcoinist01/08 13:02

Wyoming Debuts FRNT As The United States’ First Fully State-Issued Stablecoin

bitcoinist01/08 13:02

Where Did the Money Go? A Survival Guide to the Future 'Dollar Shortage'

"Where Did the Money Go? A Survival Guide for the Coming 'Dollar Shortage'" by Tiezhu Ge discusses the evolving nature of U.S. dollar liquidity, arguing it is no longer solely determined by the Federal Reserve's balance sheet but increasingly by the willingness and ability of Global Systemically Important Banks (G-SIBs) to act as financial intermediaries. The article explains that post-2025, dollar liquidity has shifted from a quantity constraint to an "intermediation constraint." Key regulatory frameworks like Basel III, particularly the Supplementary Leverage Ratio (SLR) and Liquidity Coverage Ratio (LCR), limit banks' capacity to expand their balance sheets. This makes them reluctant to engage in low-return activities like Treasury market-making and repo lending, especially during quarter-ends when regulatory compliance is scrutinized. This can lead to repo rate spikes (SOFR), forced Treasury sell-offs by funds, and heightened market volatility. The analysis framework for dollar tightness includes monitoring offshore dollar funding costs (e.g., cross-currency basis swaps like USD/JPY), onshore repo market pressures (SOFR vs. IORB), and bank behavior (e.g., use of the Fed's Standing Repo Facility). The author warns that without SLR relief, a scenario of easy monetary policy but tight credit could prevail. This creates asymmetric risks where liquidity can vanish quickly, potentially causing simultaneous stock and bond market declines (breaking the 60/40 portfolio). The guide advises holding cash for defense and considering gold/commodities as hedges, while cautioning that low-liquidity assets are highly vulnerable to sudden crashes.

marsbit01/05 09:34

Where Did the Money Go? A Survival Guide to the Future 'Dollar Shortage'

marsbit01/05 09:34

Bitcoin & Ethereum ETF Outflows Persist: Monthly Netflows Remain Red

Bitcoin and Ethereum spot ETFs have continued to experience net outflows over the past 30 days, with current netflows at -$656 million for BTC and -$422 million for ETH. This indicates sustained capital withdrawal from these digital assets, resembling outflows seen in early 2025. Despite a slight recent improvement, demand remains weak. Historically, such periods were followed by strong price rallies, but it's uncertain if a recovery will occur this time. Meanwhile, cryptocurrency treasury holdings have grown significantly, now exceeding $185 billion across 368 entities, with companies holding 73% of these assets. Bitcoin's price is currently consolidating around $88,100.

bitcoinist12/31 11:22

Bitcoin & Ethereum ETF Outflows Persist: Monthly Netflows Remain Red

bitcoinist12/31 11:22

Stablecoins are leaving exchanges – and traders aren’t buying the dip

Stablecoins are being withdrawn from cryptocurrency exchanges at the fastest rate in the current market cycle, signaling a sharp decline in short-term risk appetite among traders. Despite a growing overall stablecoin supply—largely backed by U.S. Treasuries—investors are choosing to hold capital off exchanges rather than deploy it during the market downturn. This cautious behavior is evident in the significant outflows from major exchanges like Binance, which saw nearly $1.9 billion in net outflows over 30 days. While Bitcoin has corrected roughly 36% from its October highs, traders have been unwinding leverage, with open interest falling more than 40%. However, stablecoins aren't exiting the crypto ecosystem entirely. Instead, they are migrating to safer blockchain networks like TON, Ethereum, and Polygon, while trading-focused chains such as Solana and Tron experience outflows. The shift reflects a defensive strategy: investors are prioritizing safety and yield offered by stablecoins—which function like low-risk money market instruments—over exposure to volatile assets. This trend is likely to persist until market confidence returns.

ambcrypto12/23 23:02

Stablecoins are leaving exchanges – and traders aren’t buying the dip

ambcrypto12/23 23:02

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