🐂💸 “The #Foundation for Bitcoin’s next bull cycle remains intact,” says Arthur Hayes.

🔎 In his new piece, Hayes explains that the U.S. government is financing its deficit through the issuance of debt securities, with the main buyers being RV hedge funds. These funds borrow money via repo markets, effectively injecting liquidity into the system.

➣ This creates a kind of hidden “QE”: when funds can’t get cheap cash, the Federal Reserve provides liquidity through the Standing Repo Facility (SRF) — expanding the U.S. dollar money supply.

🏦 The result: the growth of U.S. #Government debt obligations inevitably fuels liquidity in the system — a positive driver for Bitcoin and the broader crypto market.

💸 Hayes also notes that the current weakness in the crypto market is partly due to a temporary liquidity shortage caused by the government shutdown, but overall, the foundation for #Bitcoin’s new bull run remains strong.

🚀 And as liquidity returns, platforms like Stonfi are ready to capture that momentum — offering seamless DeFi access and real yield opportunities on $TON .

#STONfi : where liquidity meets innovation.