Recently, Mr. Arthur Hayes announced an interesting market analysis. He pointed out that fluctuations in the yen exchange rate and Japanese government bonds are having unexpected impacts on the global financial markets.

According to Mr. Hayes, under these circumstances, the Federal Reserve and the U.S. Treasury are highly likely to be forced to directly intervene in the yen market and the Japanese government bond market. If coordination through balance sheet expansion progresses, new liquidity will flow into the global fiat currency system.

What is concerning here is his actual position adjustment. As the yen appreciates and the dollar weakens, and Bitcoin prices are in a correction phase, Mr. Hayes has partially liquidated high-leverage Bitcoin-related stocks such as Strategy and Metaplanet. His comment is clear: "Until the Fed confirms intervention through money issuance, I will not increase risk assets," indicating a cautious stance.

However, if this judgment proves itself in the market, he plans to rebuild his positions. Until that time, his managed fund "Maelstrom" continues to allocate funds to altcoins like Zcash. He also maintains a high proportion of holdings in quality DeFi tokens.

If the Fed actually begins balance sheet expansion and market intervention, Mr. Hayes plans to consider additional investments in DeFi assets such as ENA, ETHFI, PENDLE, and LDO. In other words, he is quietly waiting for the next market move. With Bitcoin currently trading around $77.63K, the strategic shifts of such major players may serve as a reference for market participants.