From Liquidity to Perps: How Macro Flows and Stablecoins Are Rewiring Crypto Markets


In Brief
Arthur Hayes, CIO of Maelstrom, discussed his vision for the future of crypto, including macro liquidity, stablecoins, and decentralized perpetual exchanges, during a chat with Ciara Sun of C² Ventures.

At a fireside chat hosted by Ciara Sun of C² Ventures, Arthur Hayes, CIO of Maelstrom, laid out his bold vision for the future of crypto. From macro liquidity to stablecoins and decentralized perpetual exchanges, Hayes offered an unfiltered look at the forces shaping markets today—and tomorrow.
The Good, the Medium, and the Ugly
Hayes opened with a reflection on his latest essay, which explores the implications of France potentially leaving the euro. On the state of crypto markets, he said:
“The good is obviously markets going up—we’re all making money. The medium part of the bull run is strong, and we’re just getting started.”
Rejecting the conventional four-year cycle narrative, Hayes emphasized that continuous money printing and credit creation will fuel the next phase of growth.
USD Liquidity: Crypto’s Lifeblood
When asked about USD liquidity and its impact on crypto over the next 6–12 months, Hayes didn’t mince words:
“Whether it’s called money printing or credit creation, policymakers want to revitalize industry. That means more dollars, and that’s very good for crypto.”
He even highlighted unconventional moves by policymakers:
“Even if they call it something else, like Yield Curve Control, the effect is the same. More liquidity means higher asset prices—and Bitcoin could reach a million by 2027 or 2028.”
Stablecoins: The Digital Dollar Revolution
Stablecoins, Hayes explained, are not just tools for speculation—they are gateways to global finance.
“Most people just want a digital dollar,” he said. “In places like China and other emerging markets, stablecoins let people hedge against inflation, access U.S. debt instruments, and trade U.S. stocks. That’s why they’re so popular.”
Hayes sees the industry growing toward trillions in circulation, with dollar-backed stablecoins dominating. Beyond issuance, he highlighted their real-world utility:
“Once millions more people have stablecoins, they’re going to want to spend them. That’s why we’re backing projects like EtherFi, which allow stablecoins to be used anywhere Visa is accepted.”
Perpdexes: Reinventing Trading
Perpetual decentralized exchanges (Perpdexes) are reshaping trading, according to Hayes. While not a new concept, platforms like Hyperliquid have changed the game:
“When Hyperliquid came along, 97% of revenue was used to buy back the token. Traders saw a direct incentive to support the protocol, and that galvanized the market.”
Hayes warned that centralized exchanges face existential pressure:
“If all the retail traders leave for DEX Perpdexes and HFT market makers don’t follow, your exchange becomes a ghost town.”
Risk, Venture, and Building for the Long Term
On risk management, Hayes shared a simple principle:
“The biggest risk management tool is never having a position so large that I lose sleep over it. Price is what you pay, value is what you get.”
He also weighed in on venture capital and fundraising trends:
“Most VCs underperform major crypto assets. Projects that succeed today are community-aligned, not dominated by private rounds. The best approach is to participate and get tokens, then let the market set the price.”
Hayes encouraged founders to prioritize building functional products over chasing flashy listings:
“The shittier your project, the more you should pay for exchange listings. If you build a product people actually use, you don’t need intermediaries to create hype.”
Looking Ahead
For the next 2–3 years, Hayes remains bullish:
“Politicians are spending, not taxing. That only benefits fixed-supply assets like Bitcoin.”
He highlighted stablecoins, non-custodial wallets, and trading platforms as the key growth areas:
“The macro trend is clear. Liquidity, adoption, and aligned incentives will define the winners in crypto over the next cycle.”
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About The Author
Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.