According to online reports, BitMEX co-founder Arthur Hayes said that the U.S. Treasury, not the Federal Reserve, is the key institution influencing global liquidity and the future of Bitcoin. Hayes pointed out that the U.S. Treasury secretary is reshaping global liquidity by managing the ballooning debt burden through repurchase and auction strategies. The core concern of the market is whether dollar liquidity in the system continues to increase. In addition, geopolitical factors will also push bitcoin prices up. He predicted that the upcoming trade agreement between the United States and China would be more symbolic than substantive. He disclosed that about 60%-65% of his portfolio is Bitcoin, 20% is Ethereum (ETH), and the rest is "tokens with actual functions."