Arthur Hayes's latest analysis is interesting. He sees Bitcoin's decline as a warning sign of an upcoming AI crisis, but also believes that new records could be achieved with Fed intervention.

In fact, looking at it, the market is currently under dual pressure. On one side, the rapid expansion of the AI sector is hiding some risks. On the other side, the stance of central banks continues to be the biggest determinant of the crypto market.

According to Hayes's theory, AI-related economic shocks such as layoffs with code 01 could occur, leading to liquidity shortages. But if the Fed intervenes quickly and starts pumping money, Bitcoin and other risky assets could experience a serious rally.

Indeed, the recent moves by the Fed have had a very clear impact on the crypto market. Rate cuts or liquidity injections are reflected in the market instantly. Hayes's scenario seems plausible — crisis → Fed intervention → liquidity → new ATH.

It seems reasonable to stay in a waiting position for now. The market is looking for clues to determine which of these two scenarios will unfold. This will be an interesting period to follow on Gate.