Arthur Hayes: Liquidity, not regulatory tailwinds, is the core driver behind Bitcoin’s price surge.
Arthur Hayes stated at the Consensus 2026 conference that the crypto industry does not rely on regulatory promotion for development. The core factors influencing the price of Bitcoin are only technical reliability and fiat currency liquidity, with the latter being the real driving force.
He pointed out that from quantitative easing during the Obama era, fiscal stimulus during Trump’s first term, to the release of reverse repo liquidity through short-term debt replacing long-term debt during the Biden era, each round of monetary expansion is highly correlated with the rise of Bitcoin. Arthur Hayes believes that although the Trump administration has promoted several crypto regulatory bills, Bitcoin has still fallen by about 25% in the past 18 months, indicating that regulatory benefits do not directly drive price increases.
He also stated that the Trump family’s previous experiences with de-banking, asset freezes, and lawsuits may make them better understand the value of Bitcoin as an asset free from state control. Arthur Hayes said that if Bitcoin eventually evolves into an ordinary financial product on bank balance sheets, it will lose its original meaning.
[ChainCatcher]
Arthur Hayes: Liquidity, Not Regulatory Benefits, Affects the Price of Bitcoin
Arthur Hayes, co-founder of BitMEX, stated at Consensus 2026 that the crypto industry does not need regulation, and regulation is largely irrelevant to Bitcoin’s value proposition. Only two core factors determine Bitcoin’s price: technical reliability and fiat liquidity—with the latter being the true driver.
Whether it was the quantitative easing under the Obama administration, the “helicopter money” during Trump’s first term, or the approximately $2.5 trillion in reverse repo funds released by Treasury Secretary Yellen under the Biden administration—by replacing long-term debt with short-term bonds—each round of monetary expansion has closely coincided with significant Bitcoin price surges.
Although the Trump administration has signed crypto-related legislation and signaled regulatory clarity, Bitcoin’s price has still declined roughly 25% over the past ~18 months, proving that regulatory tailwinds do not directly drive price increases—liquidity remains the fundamental cause.
He also noted that the Trump family’s prior experience with de-banking, asset freezes, and numerous lawsuits helped them recognize Bitcoin’s value as an asset outside state control. If Bitcoin ultimately becomes just another derivative on bank balance sheets, it will lose its true meaning.
[Foresight News]
Bullish tokenizes its entire cap table by minting 151 million shares on Solana.
According to an official Solana tweet, Bullish has chained 151.00 million shares to Solana after completing the acquisition of Equiniti, tokenizing its entire cap table.
Bullish CEO Thomas Farley announced the news at the Consensus 2026 conference and completed a live wallet-to-wallet share transfer demonstration on the spot via the Phantom wallet.
[ChainCatcher]
Bitwise: Stablecoin Adoption Will Rely on Big Tech Companies to Drive It
PANews reported on May 7th that Bitwise Chief Investment Officer Matt Hougan said that if stablecoins can be adopted by large technology companies, they are expected to reach a market value of $4.00 trillion by 2030.
He pointed out that DoorDash and Meta’s recent trials of stablecoin payments in limited projects are likely to be the “real killer app for stablecoins.” Although these projects are small in scale, they have validated his long-held judgment and strengthened his confidence that stablecoins will expand to trillions of assets and hundreds of millions of users.
Hougan believes that the current main use case of stablecoins is crypto trading, and large enterprises are needed to achieve scale. For multinational corporations, stablecoins are not only cheaper and faster, but more importantly, they can simplify the global payment infrastructure.
[Cointelegraph]
Analysis: Three Signals Point to Bitcoin Possibly Rising to $85,000
On May 7, according to CoinDesk, Bitcoin has risen from approximately $63,000 to above $80,000 over the past three months, with multiple signals—including on-chain data, futures funding rates, and options gamma—pointing toward an $85,000 target.
Bitcoin has broken above two key on-chain levels: the Realized Market Value of $78,200 and the Short-Term Holder Cost Basis of $79,100. Glassnode analysts noted that if the price remains above both of these levels over the coming week, a bullish structure will form, with the next major resistance level being the Active Realized Price at $85,200.
Bitfinex analysts stated that the funding rate has reverted from its persistently negative values over the past three months to neutral or slightly positive territory, indicating that a large volume of short positions has been closed out, thereby removing downward pressure on the market; further Bitcoin gains could trigger a short squeeze.
[PANews]
Yesterday, Ethereum spot ETFs saw a total net inflow of $11.57 million, marking the 4th consecutive day of net inflows.
According to SoSoValue data, the total net inflow for Ethereum spot ETFs yesterday (May 6, Eastern Time) was $11.57 million.
The Ethereum spot ETF with the highest single-day net inflow yesterday was Grayscale’s Ethereum Mini Trust ETF (ETH), which saw a net inflow of $10.03 million. ETH’s cumulative historical net inflow now stands at $1.94 billion. Next was BlackRock’s ETF (ETHA), with a single-day net inflow of $2.12 million; ETHA’s cumulative historical net inflow currently totals $26.32 million. The Ethereum spot ETF with the largest single-day net outflow yesterday was Fidelity’s ETF (FETH), which experienced a net outflow of $0.58 million; FETH’s cumulative historical net inflow now stands at $2.32 billion.
As of press time, the total net asset value (NAV) of Ethereum spot ETFs is $14.01 billion, the ETF net asset ratio (i.e., ETF market cap as a percentage of Ethereum’s total market cap) is 4.94%, and the cumulative historical net inflow has reached $12.19 billion.
[Foresight News]
Upbit will list B3 KRW pairs.
According to official announcement information, Upbit will list the B3/KRW trading pair.
[Odaily Planet Daily]
Bitcoin Spot ETF saw a total net inflow of 46.33M USD yesterday, marking a 5 days of consistent inflow
According to SoSoValue data, Bitcoin spot ETF saw a total net inflow of 46.33M USD yesterday (Eastern Time, May 6th).
The Bitcoin Spot ETF with the highest net inflow yesterday was BlackRock’s ETF IBIT, with a daily net inflow of 134.61M USD, and the total historical net inflow of IBIT currently stands at 1.05B USD.
The Bitcoin Spot ETF with the highest net outflow yesterday was Fidelity’s ETF FBTC, with a daily net outflow of 38.95M USD, and the total historical net inflow of FBTC currently stands at 11.36B USD.
As of the time of publication, the total net asset value of Bitcoin Spot ETFs is 108.76B USD, with an ETF net asset ratio (market capitalization relative to the total Bitcoin market cap) of 6.67%. The historical cumulative net inflow has reached 59.76B USD.
Source: https://sosovalue.com/zh/assets/etf/us-btc-spot
ArthurHayes: Liquidity, not regulatory tailwinds, is the core factor driving Bitcoin’s rise
Arthur Hayes stated at the Consensus 2026 conference that the crypto industry does not rely on regulatory developments to drive growth; the core factors influencing Bitcoin’s price are solely technical reliability and fiat liquidity—with the latter being the true driver.
He noted that every round of monetary expansion—from quantitative easing during the Obama administration, to fiscal stimulus under Trump’s first term, to the Biden administration’s use of short-term debt to replace long-term debt and thereby release reverse-repo liquidity—has been highly correlated with Bitcoin price increases. Arthur Hayes argued that although the Trump administration has advanced several crypto-related regulatory bills, Bitcoin has still declined by approximately 25% over the past ~18 months, demonstrating that regulatory tailwinds do not directly drive price appreciation.
He also remarked that the Trump family’s prior experiences—including de-banking, asset freezes, and litigation—may have deepened their understanding of Bitcoin’s value as an asset outside state control. Arthur Hayes stated that if Bitcoin ultimately evolves into a conventional financial product on bank balance sheets, it would lose its original meaning.
[Odaily]
Bithumb plans to expand into the Vietnamese market by establishing a new partnership with SSID.
PANews, May 7: South Korean crypto exchange Bithumb announced a memorandum of understanding (MoU) with Vietnam’s SSI Digital to establish a digital asset exchange in Vietnam, collaborating on wallet and custody systems, security and risk management, compliance, and product development.
Bithumb may make a strategic investment in SSI Digital’s upcoming exchange, subject to local regulatory approval.
[The Block]
GameStop CEO Permanently Banned from eBay Platform
GameStop CEO Ryan Cohen tweeted that his personal platform account was permanently banned by eBay just two days after he proposed acquiring eBay for $5.6 billion.
The reason cited was “certain user activities pose a risk to the eBay community.”
[Foresight News]
Yesterday, Jupiter Litterbox Trust increased its holdings by 519,632 JUP, worth approximately $102,000.00.
Jupiter’s Strategic Reserve Trust, Jupiter Litterbox Trust, purchased an additional 519,632 JUP tokens yesterday, valued at approximately $102,000.
So far this month, it has accumulated a total of 2,026,882 JUP tokens, valued at approximately $401,000. To date, its total purchases amount to 118,189,021 JUP tokens, valued at approximately $23.4 million.
[Foresight News]
Upbit will list the B3/KRW trading pair
Upbit will list the B3/KRW trading pair.
[ChainCatcher]
Yesterday, Bitcoin spot ETFs saw a total net inflow of $46.33M, marking the 5th consecutive day of net inflows.
According to SoSoValue data, yesterday (May 6, Eastern Time), the total net inflow of Bitcoin spot ETFs was $46.3306 million.
The Bitcoin spot ETF with the highest single-day net inflow yesterday was BlackRock’s ETF IBIT, with a net inflow of $135 million. Currently, IBIT’s historical total net inflow has reached $1.048 billion.
The Bitcoin spot ETF with the highest single-day net outflow yesterday was Fidelity’s ETF FBTC, with a net outflow of $38.9528 million. Currently, FBTC’s historical total net inflow has reached $11.361 billion.
As of the time of writing, the total net asset value of Bitcoin spot ETFs is $108.756 billion, the ETF net asset ratio (market capitalization compared to the total market capitalization of Bitcoin) has reached 6.67%, and the historical cumulative net inflow has reached $59.764 billion.
[Foresight News]
Upbit will list the B3/KRW trading pair
Upbit will list the B3/KRW trading pair.
[Foresight News]
Today’s Market Pulse
The dominant theme today is the ongoing debate between regulatory optimism and monetary liquidity as Bitcoin’s primary price driver, with ETF inflows and technical indicators suggesting further upside potential.
Key Themes
Liquidity Trumps Regulation
Arthur Hayes emphasized at Consensus 2026 that fiat currency liquidity, not regulatory developments, is the true driver of Bitcoin’s price. He pointed out historical correlations between monetary expansion phases and Bitcoin price surges, while noting that despite Trump administration’s crypto-friendly legislation, Bitcoin has still declined ~25% over the past 18 months. This challenges the narrative that regulatory clarity alone will drive sustained price appreciation.
ETF Inflows Continue
Both Bitcoin and Ethereum spot ETFs are experiencing consistent inflows, with Bitcoin spot ETFs seeing $46.33M in net inflows yesterday (5th consecutive day) and Ethereum spot ETFs recording $11.57M in net inflows (4th consecutive day). These inflows, particularly the strong performance of BlackRock’s IBIT ($135M inflow yesterday), suggest growing institutional adoption and may provide additional fuel to current price momentum.
Technical Signals Point Higher
Multiple technical indicators suggest Bitcoin could target $85,000, having broken above key on-chain levels including the Realized Market Value ($78,200) and Short-Term Holder Cost Basis ($79,100). The shift in futures funding rates from negative to neutral/positive territory indicates that short positions have been closed, potentially removing downward pressure and setting up for a short squeeze on further gains.
Stablecoin Adoption Path
Bitwise’s CIO predicts stablecoins could reach $4T by 2030 if adopted by major technology companies. Recent payment trials by DoorDash and Meta are viewed as potential catalysts that could validate stablecoins as a “killer app” for mainstream adoption, particularly for multinational corporations seeking simplified global payment infrastructure.
RichSilo Verdict
Smart money should monitor real monetary liquidity conditions alongside regulatory developments, as Hayes’ thesis suggests liquidity is the more reliable price driver. Watch for continued ETF inflows as confirmation of institutional demand, while tracking technical levels around $79,100-$85,200. The potential wild card is whether stablecoin adoption by big tech companies accelerates, which could dramatically expand the crypto ecosystem beyond current expectations. Risk factors include unexpected monetary tightening or regulatory setbacks that could disrupt current momentum.
