Why Is Bitcoin Price Crashing? Arthur Hayes Isn’t Surprised
In his newest Substack essay “Snow Forecast,” published November 17, 2025, Arthur Hayes argues that Bitcoin’s sharp drawdown from its October all-time high is a simple consequence of tightening greenback liquidity as soon as derivative-driven “pretend flows” into Bitcoin have dried up. For Hayes, Bitcoin is “the free-market weathervane of world fiat liquidity” that trades…
