The Milk Road Show

Arthur Hayes: The Crypto Bull Run No One Is Ready For

51 snips
Oct 15, 2025
Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, dives into the potential of a monumental crypto bull run influenced by global monetary policies. He discusses how recent political events triggered market volatility and warns traders about leverage risks. Hayes emphasizes that the return of quantitative easing might ignite a supercycle in crypto, predicting Bitcoin could hit $250k and ETH reach $10k. He also touches on the importance of monitoring political statements as key market indicators and suggests practical strategies to safeguard investments.
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INSIGHT

Unread Rules Caused The Cascade

  • Exchanges' margin and collateral rules are complex and often misunderstood by traders and engineers.
  • Arthur Hayes says those unread specs and poor marking created cascades of liquidations during last week's crash.
ADVICE

Check ADL And Collateral Policies

  • Learn how cross-collateral marking and Automatic Deleveraging (ADL) work before using leverage.
  • Hayes advises traders to check exchange ADL policies, insurance funds, and collateral marking to avoid surprises.
ANECDOTE

Athena Avoided ADL And Preserved P&L

  • Athena negotiated to avoid being auto-deleveraged and captured full P&L during the drop.
  • Hayes uses Athena's actions as an example of proper risk management amid exchange chaos.
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