Arthur Hayes: Bitcoin bottomed at $60K — $126K is inevitable!

BitMEX co-founder Arthur Hayes has published a new essay, 'The Butterfly Touch', laying out a sweeping macro thesis: the global AI infrastructure arms race, surging war expenditures, and a broad shift toward critical commodity stockpiling will drive sustained credit expansion in both USD and RMB — and that liquidity has to go somewhere. Hayes argues it goes to Bitcoin.

Hayes believes BTC has already printed its cycle bottom near $60,000, with a retest and breakout above $126,000 he calls inevitable. The key inflection point to watch: once Bitcoin clears $90,000, he expects momentum to accelerate sharply.

On the portfolio side, his family office Maelstrom is currently running heavy positions in HYPE and ZEC. Hayes also flagged NEAR as the next major deployment target — a signal worth tracking given his track record of early-cycle altcoin positioning.