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Arthur Hayes, the former BitMEX chief executive, declared that a new crypto bull market has begun and said his family office Maelstrom is positioned at maximum risk across Bitcoin, Ethereum, Ethena and Ether.fi. He argued that US Treasury bond buybacks under Secretary Scott Bessent could inject dollar liquidity into the system, eventually flowing into crypto, and predicted Bitcoin could reach hundreds of thousands of dollars in a parabolic rise. Hayes highlighted Ethena as a key beneficiary of reviving basis trading while noting rates remain too low for full recovery. He also introduced Flop Network, emphasizing its token has no pre-sale and can only be earned through testnet activity. Despite his bullish stance, Hayes warned retail investors against using leverage, citing the risk of sharp corrections even during sustained rallies.
Key Elements
Arthur Hayes, the former BitMEX chief executive whose market commentary carries outsized weight in crypto circles, declared that a new bull market has taken hold and said his family office Maelstrom is now positioned at maximum risk across four core assets: Bitcoin, Ethereum, Ethena and Ether.fi.
The message, delivered through a recent interview on the Altcoin Daily YouTube channel and his latest blog post, marks one of Hayes’s most explicitly bullish stances in the current cycle. He argued that Bitcoin is poised for what he described as a “full parabolic rise” that could take the largest cryptocurrency to “hundreds of thousands of dollars” in short order.
“Now is the right time to hold the asset,” Hayes said, adding that anyone worried about the Federal Reserve’s control over bond yields should own Bitcoin immediately.
A central pillar of his thesis rests on US Treasury policy. Hayes pointed to Treasury Secretary Scott Bessent’s bond buyback initiatives, which he said mirror moves made during Janet Yellen’s tenure at the department. While these operations are not technically labeled quantitative easing, Hayes argued they could inject additional dollar liquidity into the financial system, ultimately flowing toward risk assets and the crypto market.
He described Bitcoin as a key indicator for tracking shifts in global liquidity. Should liquidity begin expanding, Hayes believes it would signal a larger upward move across crypto.
The Altcoin Bets: Ethena and Ether.fi
Beyond the two largest digital assets, Hayes highlighted two altcoin positions that Maelstrom currently holds. The first is Ethena, the protocol behind the synthetic dollar asset USDe, whose ENA token Hayes said still carries significant upside potential. He noted that basis trading — the strategy of profiting from price differences between spot and futures markets — is beginning to revive, a development he called a positive signal for the broader crypto market. That revival, he said, could prove particularly beneficial for Ethena.
However, Hayes cautioned that interest rates remain too low for basis trading to fully regain its former strength.
The second altcoin in Maelstrom’s portfolio is Ether.fi, the liquid restaking platform whose ETHFI token allows users to stake Ether while retaining liquidity through derivative receipts.
| Asset | Role in Maelstrom Portfolio | Hayes’s Stated View |
|---|---|---|
| Bitcoin | Core holding | Poised for parabolic rise to hundreds of thousands of dollars |
| Ethereum | Core holding | Maintains positive outlook |
| Ethena (ENA) | Altcoin position | Significant upside potential; benefits from basis trading revival |
| Ether.fi (ETHFI) | Altcoin position | Held as part of maximum risk positioning |
Note: Hayes did not disclose position sizes or entry prices for any of these assets.
A New Project: Flop Network
Hayes also devoted a substantial portion of his latest blog post to Flop Network, a new project he is backing. He was explicit that FLOP, the project’s token, has no pre-sale and cannot currently be purchased. Only users who participate in what Hayes called “beneficial activities” on the testnet will be eligible for the eventual airdrop.
“I repeat: there is no pre-sale. You cannot buy FLOP. Only those who participate in beneficial ways are eligible. Stay tuned for more information about the airdrop,” he wrote.
He framed Flop Network not as an existing market position comparable to ENA or ETHFI, but as a new initiative being established at the beginning of what he believes is a fresh bull cycle.
The Leverage Warning
Despite his bullish posture, Hayes issued a pointed warning to retail investors about the dangers of leveraged trading. He noted that even if Bitcoin’s price rises significantly, the market can experience sharp corrections along the way. Non-professional traders, he said, should avoid leverage entirely.
The caution reflects a recurring theme in Hayes’s commentary: conviction about the long-term direction of crypto does not eliminate the possibility of violent short-term drawdowns. In high-volatility upswings, he said, rapid and severe pullbacks remain a structural feature of the market.
For investors, the practical implication of Hayes’s message is twofold. On the macro side, he is signaling that Treasury-driven liquidity expansion could serve as the fuel for the next leg higher in digital assets. On the portfolio side, his disclosure of Ethena and Ether.fi holdings offers a rare glimpse into how one of crypto’s most visible macro traders is positioning his family office amid what he describes as a new bull market.
That positioning, combined with his emphasis on patience — holding Bitcoin and altcoins investors believe in over the long term — suggests Hayes expects the liquidity cycle, rather than any single catalyst, to drive the market’s next major move.
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Source: finance.biggo.com