火星财经消息，BitMEX 联合创始人 Arthur Hayes 最新发文称，尽管美元流动性从 4 月 9 日收缩至今，但 ETF 的流入和 DAT 的买入使比特币能够上涨，不过现在这种局面已经结束。该基调不足以让机构投资者持续购买 ETF，且大多数 DAT 的交易价格低于 mNAV，投资者也开始避开这些比特币衍生品证券。如果这些流动无法掩盖负流动性，比特币必须下跌，以反映当前短期担忧美元流动性将收缩或无法如政客们承诺的那样快速增长。

<div>火星财经消息，BitMEX 联合创始人 Arthur Hayes 最新发文称，尽管美元流动性从 4 月 9 日收缩至今，但 ETF 的流入和 DAT 的买入使比特币能够上涨，不过现在这种局面已经结束。该基调不足以让机构投资者持续购买 ETF，且大多数 DAT 的交易价格低于 mNAV，投资者也开始避开这些比特币衍生品证券。如果这些流动无法掩盖负流动性，比特币必须下跌，以反映当前短期担忧美元流动性将收缩或无法如政客们承诺的那样快速增长。</div>

Arthur Hayes：ETF 和 DAT 资金流入局面结束，若流动性无法覆盖比特币必须下跌

According to Mars Finance, BitMEX co-founder Arthur Hayes recently wrote that while ETF inflows and DAT purchases enabled Bitcoin to rise since the contraction of dollar liquidity on April 9th, this situation has now ended. This momentum is insufficient to sustain institutional investor purchases of ETFs, and with most DATs trading below their mNAV, investors are beginning to avoid these Bitcoin derivative securities. If these flows cannot mask the negative liquidity, Bitcoin must fall to reflect current short-term concerns that dollar liquidity will contract or fail to grow as rapidly as politicians have promised.

<div>According to Mars Finance, BitMEX co-founder Arthur Hayes recently wrote that while ETF inflows and DAT purchases enabled Bitcoin to rise since the contraction of dollar liquidity on April 9th, this situation has now ended. This momentum is insufficient to sustain institutional investor purchases of ETFs, and with most DATs trading below their mNAV, investors are also beginning to avoid these Bitcoin derivative securities. If these flows cannot mask the negative liquidity, Bitcoin must fall to reflect current short-term concerns that dollar liquidity will contract or fail to grow as rapidly as politicians have promised.</div>

Arthur Hayes: The inflow of funds into ETFs and DAT has ended; if liquidity cannot cover Bitcoin, it must fall.

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