Arthur Hayes: $BTC 's Pullback Is

Expected

According to Arthur Hayes, the recent decline in Bitcoin is entirely predictable given current liquidity conditions. Over the past few weeks, USD liquidity has contracted by roughly $300 billion.

The key driver is a sharp increase in the US Treasury General Account (TGA), which has risen by nearly $200 billion. This suggests the government is actively accumulating cash - likely in preparation for a potential shutdown and upcoming fiscal spending.#CZAMAonBinanceSquare