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Arthur Hayes argues that Bitcoin’s traditional four-year market cycle has ended, as current shifts in global monetary policy indicate expanding fiat liquidity.
"Bitcoin has moved beyond its early days as a merely speculative asset and is slowly entering into many investors’ long-term investment strategy," said Gerry O'Shea, head of global market insights at Hashdex Asset Management. "This EO will help accelerate this trend."
CryptoSlam data shows that NFT sales volumes reached $2.82 billion in the first half of 2025, while DappRadar data shows a continued drop in trading volumes.
Despite crypto's rapid growth and decentralized ideals, its liquidity remains fragmented and fragile — mirroring traditional finance's hidden risks and exposing the market to sudden shocks when sentiment shifts.