Arthur Hayes, BitMEX co-founder and Maelstrom CIO, said expanded long-dated U.S. Treasury buybacks under Treasury Secretary Scott Bessent could inject dollar liquidity into financial markets, with Bitcoin likely to benefit first. Hayes said liquidity could expand further if roughly $1 trillion in the Treasury General Account is deployed into markets, and he raised the possibility of de facto yield curve control if the 10-year Treasury yield rises above 5%. He said Bitcoin has entered a new bull market but warned of larger price swings. Maelstrom is in "maximum risk" mode, with major positions in Bitcoin, Ether, Ethena and Ether.fi.