Crypto Isn’t Topping Yet: Arthur Hayes Says Stealth QE Is Near

Arthur Hayes argues that the next leg of the crypto cycle will be driven not by a headline pivot to quantitative easing, but by a “stealth” version executed through the Federal Reserve’s Standing Repo Facility (SRF). In a new essay titled “Hallelujah” published on November 4, 2025, the former BitMEX CEO lays out a balance-sheet-driven case that persistent US fiscal deficits, hedge-fund demand for Treasuries financed via repo, and the Fed’s need to cap funding stress will translate into incremental dollar liquidity that ultimately “pumps the price of Bitcoin and other cryptos. ” As he frames the core mechanism: “Government issued debt grows the money supply. ” Hayes’ logic chain begins with an observation on political incentives and the arithmetic of public finance source: https://www.newsbtc.com/news/crypto-isnt-topping-yet-arthur-hayes-stealth-qe/