From Liquidity to Perps: How Macro Flows and Stablecoins Are Rewiring Crypto Markets
At a fireplace chat hosted by Ciara Sun of C² Ventures, Arthur Hayes, CIO of Maelstrom, laid out his daring imaginative and prescient for the way forward for crypto. From macro liquidity to stablecoins and decentralized perpetual exchanges, Hayes provided an unfiltered take a look at the forces shaping markets in the present day—and tomorrow.
The Good, the Medium, and the Ugly
Hayes opened with a mirrored image on his newest essay, which explores the implications of France doubtlessly leaving the euro. On the state of crypto markets, he stated:
“The good is clearly markets going up—we’re all earning profits. The medium a part of the bull run is powerful, and we’re simply getting began.”
Rejecting the standard four-year cycle narrative, Hayes emphasised that steady cash printing and credit score creation will gas the subsequent section of progress.
USD Liquidity: Crypto’s Lifeblood
When requested about USD liquidity and its influence on crypto over the subsequent 6–12 months, Hayes didn’t mince phrases:
“Whether it’s referred to as cash printing or credit score creation, policymakers need to revitalize business. That means extra {dollars}, and that’s superb for crypto.”
He even highlighted unconventional strikes by policymakers:
“Even in the event that they name it one thing else, like Yield Curve Control, the impact is identical. More liquidity means larger asset costs—and Bitcoin might attain 1,000,000 by 2027 or 2028.”
Stablecoins: The Digital Dollar Revolution
Stablecoins, Hayes defined, usually are not simply instruments for hypothesis—they’re gateways to international finance.
“Most individuals simply desire a digital greenback,” he stated. “In locations like China and different rising markets, stablecoins let individuals hedge in opposition to inflation, entry U.S. debt devices, and commerce U.S. shares. That’s why they’re so standard.”
Hayes sees the business rising towards trillions in circulation, with dollar-backed stablecoins dominating. Beyond issuance, he highlighted their real-world utility:
“Once hundreds of thousands extra individuals have stablecoins, they’re going to need to spend them. That’s why we’re backing tasks like EtherFi, which permit stablecoins to be used wherever Visa is accepted.”
Perpdexes: Reinventing Trading
Perpetual decentralized exchanges (Perpdexes) are reshaping buying and selling, in accordance to Hayes. While not a brand new idea, platforms like Hyperliquid have modified the sport:
“When Hyperliquid got here alongside, 97% of income was used to purchase again the token. Traders noticed a direct incentive to help the protocol, and that galvanized the market.”
Hayes warned that centralized exchanges face existential stress:
“If all of the retail merchants depart for DEX Perpdexes and HFT market makers don’t comply with, your trade turns into a ghost city.”
Risk, Venture, and Building for the Long Term
On threat administration, Hayes shared a easy precept:
“The greatest threat administration instrument isn’t having a place so giant that I lose sleep over it. Price is what you pay, worth is what you get.”
He additionally weighed in on enterprise capital and fundraising traits:
“Most VCs underperform main crypto property. Projects that succeed in the present day are community-aligned, not dominated by non-public rounds. The greatest strategy is to take part and get tokens, then let the market set the worth.”
Hayes inspired founders to prioritize constructing useful merchandise over chasing flashy listings:
“The shittier your undertaking, the extra you need to pay for trade listings. If you construct a product individuals truly use, you don’t want intermediaries to create hype.”
Looking Ahead
For the subsequent 2–3 years, Hayes stays bullish:
“Politicians are spending, not taxing. That solely advantages fixed-supply property like Bitcoin.”
He highlighted stablecoins, non-custodial wallets, and buying and selling platforms as the important thing progress areas:
“The macro development is evident. Liquidity, adoption, and aligned incentives will outline the winners in crypto over the subsequent cycle.”
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