Arthur Hayes pointed out that the U.S. Treasury will conduct quarterly refinancing operations from April 28-30, 2025, focusing on higher borrowing estimates (injecting more liquidity into the market), lower Treasury General Account (TGA) targets (releasing more funds into the economy), and comments on the bond market under tariff pressure, which has raised inflation concerns and led to instability in the bond market. Previously, Hayes had predicted that if the Federal Reserve shifts to quantitative easing, releasing a large amount of dollars, Bitcoin is expected to reach $250,000 by the end of 2025.