Arthur Hayes Revisits Bitcoin Liquidity Thesis, Blames $1.5T AI Debt

BTC-0.17%
According to Arthur Hayes on a Cointelegraph podcast, the BitMEX co-founder revisited his Bitcoin liquidity thesis recently, estimating that roughly $1.5 trillion in AI-related debt was issued between 2022 and 2026, with 75% to 80% from 2025. Hayes said the capital financed hyperscaler spending and AI buildout, leaving little liquidity for Bitcoin to absorb. Bitcoin had rallied from FTX-era lows because AI had not yet begun consuming liquidity, but the dynamic reversed as AI spending accelerated into 2025. Hayes is now bearish on nearly all risk assets except large energy producers, citing concerns that upcoming mega-IPOs could trigger a broad selloff.
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