He is not leveraging, but his direction is very clear... Arthur Hayes's latest view is straightforward: until the Federal Reserve releases more liquidity and repairs bank balance sheets, BTC will be difficult to see a true rally. But what's interesting is—he still holds spot longs, just without leverage. Watching for "it's not the right time yet," while also positioning himself early. At the same time, amid uncertainties in the Strait of Hormuz, he has also started to pay attention to assets like HYPE.