Arthur Hayes: Bitcoin's recent decline is related to the contraction of dollar liquidity.

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BitMEX co-founder Arthur Hayes tweeted that dollar liquidity has decreased by approximately $300 billion in the past few weeks, mainly due to an increase of about $200 billion in the Treasury's General Account (TGA) balance, suggesting that governments may be raising cash in advance of a potential shutdown. Given this tightening of dollar liquidity, the decline in Bitcoin is not unexpected.

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