Bitcoin Could Lead the Next Crypto Rally as Liquidity Rebounds, Arthur Hayes Says

BitMEX co-founder Arthur Hayes has stated that crypto liquidity may have bottomed in November and is gradually rebounding. He points to enhanced market depth and steadier funding dynamics across major venues, indicating a gradual normalization that could support a measured upshift in price action for digital assets. This view aligns with a broader shift away from stress conditions toward more reliable order books and clearer price discovery.

From a market microstructure perspective, the recovery in liquidity depth and execution quality may underpin a cautious risk-on momentum for Bitcoin and adjacent tokens. If the trend holds, traders could see improving volumes and tighter spreads, reinforcing a narrative of gradual rebound rather than volatility-driven spikes. Investors should monitor macro catalysts and on-chain fundamentals to assess durability of the renewed demand.