In late June, Bitcoin (BTC) briefly dipped below $99,000, marking its lowest level in six weeks amid rising geopolitical tensions. This sudden drop sparked concerns among investors, but a familiar voice from the crypto world quickly stepped in to restore confidence: Arthur Hayes, co-founder of the influential exchange BitMEX.
Hayes remains steadfast in his long-term bullish outlook, arguing that the recent pullback is nothing more than a short-term correction. He believes the next major surge in Bitcoin’s price will be driven not by hype or speculation — but by a powerful macroeconomic force: global quantitative easing (QE).
Geopolitical Tensions Trigger Market Volatility
Over the weekend of June 22–23, reports emerged of U.S. military strikes on three nuclear facilities in Iran. While details remained limited, the news was enough to rattle financial markets worldwide. In response, risk assets across the board saw sharp corrections, with Bitcoin plunging below the $99,000 mark — the first time it had fallen beneath six figures since early May.
"Market sentiment turned bearish overnight," said one analyst. "Traders were pricing in uncertainty and seeking liquidity."
However, the dip proved short-lived. By Monday morning in Asian trading hours, BTC had rebounded to around $101,000, signaling strong underlying demand and resilience despite external shocks.
👉 Discover how macro events shape crypto trends and position yourself ahead of the next rally.
Arthur Hayes: “This Weakness Will Pass”
In a series of posts on X (formerly Twitter), Arthur Hayes reaffirmed his conviction:
“The market’s current weakness will pass.”
He emphasized that Bitcoin continues to evolve into a legitimate digital safe-haven asset, capable of preserving wealth during times of monetary instability. According to Hayes, the catalyst for the next leg up won’t come from retail FOMO or institutional ETF inflows alone — it will be fueled by central banks resuming loose monetary policies.
“Quantitative easing is coming back — globally,” Hayes predicted. “And when it does, Bitcoin will lead the charge among risk-on assets.”
His view aligns with his long-standing thesis: as governments expand their balance sheets and real interest rates turn negative, investors will increasingly shift capital into scarce digital assets like BTC.
A Consistent Macro Narrative: QE as the Engine of Growth
Hayes has repeatedly highlighted the link between monetary policy and crypto performance. Back in early May at Token2049 in Dubai, he revealed that his fund, Maelstrom, had gone “all-in” on Bitcoin. He also forecasted that capital would soon flow into high-quality altcoins offering real yields — projects with actual users, cash flows, and sustainable business models.
In a blog post dated May 15, Hayes warned that foreign holders of U.S. Treasuries face growing risks due to America’s relentless debt expansion and dollar devaluation. As these institutions seek alternatives to protect their reserves, he argued, Bitcoin becomes an increasingly attractive option.
Then in June, attention turned to Japan. Bank of Japan (BOJ) Governor Kazuo Ueda hinted at delaying rate hikes, while insiders suggested the central bank might halt its quantitative tightening (QT) program. For Hayes, this was a potential game-changer.
👉 See how global monetary shifts could unlock massive opportunities in digital assets.
“If the BOJ pivots back to QE,” he wrote, “it could ignite a broad rally across risk assets — especially Bitcoin.”
Historically, periods of central bank liquidity injection have correlated strongly with bull runs in crypto markets. From the 2020 pandemic-era stimulus to post-2022 inflation responses, each wave of QE has amplified BTC’s price momentum.
Shifting Views on Altcoins: From Optimism to Skepticism
While Hayes remains bullish on Bitcoin, his stance on altcoins has grown more cautious — even contradictory at times.
Earlier in 2025, he introduced the concept of “fundamental season,” suggesting that investor focus would shift toward projects with strong fundamentals: real product-market fit (PMF), revenue generation, and tokenomics that reward holders.
But just weeks later, during an interview on June 19, Hayes appeared to reverse course.
He stated bluntly that most altcoins fail to meet basic criteria for value creation. “They don’t have PMF,” he said. “And even if they generate revenue, there’s no mechanism to return value to token holders.”
This sharp contrast raised eyebrows across the community. How can one advocate for high-quality yield-bearing projects while simultaneously dismissing nearly all existing options?
The answer may lie in Hayes’ broader macro framework: only assets immune to sovereign debasement will survive long-term. In that light, Bitcoin stands alone — while most altcoins remain speculative ventures vulnerable to market cycles and regulatory scrutiny.
Investors are advised to maintain independent judgment. While insights from figures like Hayes offer valuable perspectives, blind following can lead to poor decisions.
Core Keywords Driving This Outlook
Understanding Hayes’ thesis requires familiarity with several key concepts:
- Bitcoin as a safe-haven asset
- Quantitative easing (QE)
- Monetary policy impact on crypto
- Global liquidity cycles
- Macroeconomic drivers of BTC price
- Central bank balance sheet expansion
- Digital asset resilience
- Risk-on asset rotation
These terms aren’t just jargon — they represent real forces shaping the future of finance. As more investors recognize the connection between fiat instability and digital scarcity, Bitcoin’s role as a hedge becomes increasingly undeniable.
Frequently Asked Questions (FAQ)
Q: Why did Bitcoin drop below $99K in June 2025?
A: The dip was triggered by geopolitical tensions following U.S. military actions against Iranian nuclear sites. Such events often cause short-term risk-off behavior in markets, leading to temporary sell-offs in volatile assets like Bitcoin.
Q: What does Arthur Hayes mean by “fundamental season”?
A: It refers to a phase where investor capital shifts toward blockchain projects with real-world utility, sustainable revenue models, and clear paths to profitability — moving beyond pure speculation.
Q: Is quantitative easing really coming back?
A: Signs point to a potential reversal in tight monetary policy. With inflation cooling in major economies and growth concerns rising, central banks like the BOJ and ECB may soon resume accommodative measures — which historically benefit risk assets like BTC.
Q: Can Bitcoin truly act as a safe-haven asset?
A: While still evolving, Bitcoin has shown resilience during periods of currency devaluation and financial uncertainty. Its fixed supply and decentralized nature make it an appealing alternative to traditional stores of value.
Q: Should I trust Arthur Hayes’ predictions?
A: Hayes has a strong track record in macro trading and crypto forecasting. However, like any analyst, his views should be evaluated critically and combined with personal research before making investment decisions.
Q: How does QE affect Bitcoin’s price?
A: When central banks inject liquidity through QE, fiat money supply increases, often leading to currency depreciation. Investors then seek scarce assets to preserve value — a role Bitcoin is increasingly fulfilling.
👉 Stay ahead of global monetary shifts with real-time data and advanced trading tools.
Final Thoughts: Prepare for the Next Wave
The brief dip below $99K serves as a reminder that volatility is inherent in emerging markets. Yet it also highlights Bitcoin’s growing maturity — its ability to absorb shocks and rebound quickly reflects increasing institutional adoption and structural demand.
Arthur Hayes’ message is clear: don’t mistake short-term noise for long-term trend reversal. The macro winds are shifting. As global QE returns, liquidity will flood financial systems once again — and those positioned in hard-to-dilute digital assets stand to benefit most.
Whether you're a long-term holder or an active trader, understanding these macro dynamics isn't optional — it's essential.
Stay informed. Stay prepared. And watch the central banks closely — their next moves may already be priced into Bitcoin’s future rise.