Arthur Hayes, BitMEX co-founder and chief investment officer of family office Maelstrom, said Bitcoin could remain weak until the Federal Reserve or banks begin expanding their balance sheets. In an X post, he pointed to the .USDLIQ dollar-liquidity index, which stood at 32.71 million on November 2, up 4.49% from January but about 0.6% below its October peak of 32.90 million. Hayes previously urged traders to buy Bitcoin and Ethereum, citing an expected multi-trillion-dollar bailout after the artificial intelligence data-center boom, but later sold about $22.28 million in crypto from Maelstrom's directional book and said he planned to stay out of the market. His view follows earlier comments linking crypto performance to Federal Reserve money creation and comes as Bitcoin lagged a record global money supply of $103.66 trillion in September.