Bitcoin (CRYPTO: BTC) underperformed in 2025 while gold soared 120%, yet BitMex co-founder Arthur Hayes says dollar liquidity is about to return in 2026.
The Real Reason Bitcoin Lagged
The Professional Capital Management CEO used his latest essay to point out why Bitcoin traded flat while gold exploded and tech stocks kept climbing.
Bitcoin follows dollar liquidity. When the money supply shrinks, Bitcoin drops. When it expands, Bitcoin surges.
Gold surged because central banks dumped U.S. treasuries after Russia’s $300 billion asset freeze in 2022. Venezuela’s recent military operation intensified the flight to non-confiscatable reserves.
Tech stocks kept rising because Donald Trump turned AI into a national priority.
Bitcoin didn’t have either advantage, so it tracked the one thing that matters: dollar liquidity going down.
Three Ways Money Supply Explodes In 2026
Hayes sees three catalysts returning dollars …