Arthur Hayes, BitMEX founder, predicts a short-term correction for Bitcoin due to contracting global dollar liquidity. Despite ETF inflows and cryptocurrency reserve buying initially masking the effect, Hayes believes this trend is ending. Declining basis yields and DAT company stock prices signal weakening institutional buying incentives. Hayes anticipates downward pressure on Bitcoin as institutional funds withdraw, potentially causing a dip to $80,000-$85,000. He draws parallels to 2023 when increased short-term Treasury bond issuance injected liquidity into the market, boosting risk assets. Hayes believes the U.S. government will eventually intervene with liquidity injections when the U.S. 10-year Treasury bond yield reaches near 5%, similar to measures taken during 2023's banking crisis. While anticipating a 10-20% fall in stock markets, Hayes ultimately remains bullish, predicting a potential surge to $200,000-$250,000 by year-end once liquidity supply resumes. This correction is viewed as a necessary adjustment period before a significant market rally. ```