Arthur Hayes states that the current market is in a "no trading range," mainly influenced by deflationary pressures on credit and the financial system caused by AI replacing knowledge-based labor, as well as uncertainties in the Middle East situation; he believes that under different scenarios, Bitcoin may be pressured by risk assets in the short term, but in the context of rising energy and commodity prices and expanding fiscal spending, if central banks respond by expanding the money supply, fixed-supply assets (such as Bitcoin and gold) will benefit, while assets relying on cash flow discounting will be under pressure; in this environment, his strategy is to remain cautious and wait for liquidity release signals, while gradually increasing exposure to gold and assets like Hyperliquid (HYPE).