Arthur Hayes: The recent decline in Bitcoin is synchronized with the contraction of dollar liquidity

Arthur Hayes posted on social media that the liquidity of the dollar has decreased by about $300 billion over the past few weeks, mainly due to an increase of $200 billion in the U.S. Treasury General Account (TGA). The government may be raising cash reserves to ensure spending in preparation for a potential shutdown. In this context, the decline in Bitcoin is not surprising, as it is in sync with the contraction of dollar liquidity.