PANews reported on November 4th that BitMEX founder Arthur Hayes recently published a lengthy article suggesting that the US Treasury and the Federal Reserve are preparing a "stealth QE," which could be a key catalyst for a new round of price increases in Bitcoin and the crypto market. Currently, the US government is expanding its spending, favoring debt issuance over tax increases. Foreign central banks are more inclined to buy gold due to the risks associated with dollar assets, the US private savings rate is insufficient to support Treasury bond issuance, and the four major commercial banks have only absorbed a small portion of new debt. "Relative value hedge funds" have become marginal buyers of US Treasuries, leveraging repurchase agreements to finance their bond purchases.

The US Treasury is expected to issue approximately $2 trillion in new debt annually to cover the deficit. When liquidity is tight, the Federal Reserve injects funds into the market through its standing repurchase agreement (SRO), which is equivalent to "quantitative easing" (QE). As the use of this mechanism increases, global dollar liquidity increases, with the effect equivalent to QE. Hayes predicts this will reignite the bull market in Bitcoin and the crypto market. Currently, government shutdowns and Treasury auctions have led to a short-term tightening of liquidity. He advises investors to preserve capital and wait for the right opportunity, stating that the market will rebound strongly after the "hidden QE" is launched.