Arthur Hayes is becoming more optimistic about risk assets, including cryptocurrencies, as he believes the global liquidity cycle is shifting. According to BeInCrypto, Hayes argues that the enhanced supplementary leverage ratio (eSLR), effective April 1, 2026, allows US banks to leverage their balance sheets more, potentially increasing dollar liquidity. This regulatory change could enable banks to hold more Treasuries, expanding balance sheets and releasing liquidity. Hayes downplays concerns about Kevin Warsh's potential impact on the Fed's balance sheet, emphasizing that eSLR relief is already in effect.