report: BitMEX co-founder Arthur Hayes reiterated his long-term bullish stance on Bitcoin in his latest blog. He stated that Bitcoin's pricing is fundamentally driven by "technology and fiat liquidity", with no significant technological changes currently, and the market is primarily trading based on expectations of future fiat supply. Hayes believes that if the Federal Reserve truly shifts from Quantitative Tightening (QT) to Quantitative Easing (QE), Bitcoin has likely bottomed around $76,500. He noted that despite potential declines in the US stock market due to tariffs, reduced corporate earnings expectations, or weak overseas demand, Bitcoin is still expected to continue rising, potentially challenging $250,000 by year-end. He added that his fund Maelstrom is steadily increasing positions in BTC and some Altcoins, operating without leverage and with a relatively conservative approach, and will adjust capital deployment based on market conditions. He is more inclined to bet on reaching $110,000 rather than $76,500.