Arthur Hayes Says Stealth QE Could Spark Bitcoin’s Next Big Rally

Former BitMEX CEO Arthur Hayes recently shared a bold take on the U.S. economy, and it’s catching the attention of both traditional finance watchers and crypto traders.

According to Hayes, the U.S. government’s rising debt burden is reaching a point where the Federal Reserve may have no choice but to quietly inject liquidity back into the system, a move he calls stealth QE (Quantitative Easing). Instead of officially announcing new money printing or asset purchases, the Fed could use indirect liquidity measures, such as Treasury buybacks or reverse repo adjustments, to keep markets stable.

Hayes argues that this hidden liquidity will eventually flow into risk assets, and Bitcoin could be one of the biggest beneficiaries. His reasoning? When the Fed expands liquidity, openly or not, it tends to weaken the dollar and push investors toward alternative assets that preserve value.

If he’s right, this could mean that while traditional markets brace for tighter credit conditions, crypto might quietly prepare for its next leg up. It’s an interesting macro narrative, especially with Bitcoin holding strong technical levels and on-chain data showing renewed accumulation.

What do you think?
Is Hayes being overly optimistic, or could stealth liquidity injections actually fuel the next Bitcoin rally?