Arthur Hayes: ETF and DAT inflows are over, and Bitcoin must fall if liquidity cannot cover it
2025-11-18 03:52:45
While dollar liquidity has contracted since April 9, the inflow of ETFs and the buying of DATs have allowed bitcoin to rise, but that is now over. The tone was not enough to keep institutional investors buying ETFs, and most DATs are trading below mNAV, and investors are starting to avoid these bitcoin derivative securities. If these flows cannot mask negative liquidity, bitcoin must fall to reflect current short-term concerns that dollar liquidity will contract or not grow as fast as politicians have promised.
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