Hack Seasons Opinion Business Markets
October 13, 2025

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.

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

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.”

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

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.

More articles
Victoria d'Este
Victoria d'Este

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.

Hot Stories

Cantina: Redefining Security in the Web3 Era

by Victoria d'Este
October 13, 2025

0G Labs is Rewriting the Rules for Decentralized AI

by Victoria d'Este
October 13, 2025

AuditHub: Veridise Unveils Continuous Security for Web3

by Victoria d'Este
October 13, 2025
Join Our Newsletter.
Latest News

7 Ways AI Can Supercharge Prediction Markets In 2025

by Alisa Davidson
October 13, 2025

The Calm Before The Solana Storm: What Charts, Whales, And On-Chain Signals Are Saying Now

Solana has demonstrated strong performance, driven by increasing adoption, institutional interest, and key partnerships, while facing potential ...

Know More

Crypto In April 2025: Key Trends, Shifts, And What Comes Next

In April 2025, the crypto space focused on strengthening core infrastructure, with Ethereum preparing for the Pectra ...

Know More
Read More
Read more
Cantina: Redefining Security in the Web3 Era
Interview Business Markets Technology
Cantina: Redefining Security in the Web3 Era
October 13, 2025
0G Labs is Rewriting the Rules for Decentralized AI
Hack Seasons Interview Business Markets Technology
0G Labs is Rewriting the Rules for Decentralized AI
October 13, 2025
AuditHub: Veridise Unveils Continuous Security for Web3
Hack Seasons Opinion Business Markets Software Technology
AuditHub: Veridise Unveils Continuous Security for Web3
October 13, 2025
From U.S. Treasuries to Real Estate: What Works (and What Doesn’t) in RWA Tokenization
Hack Seasons Opinion Business Markets Technology
From U.S. Treasuries to Real Estate: What Works (and What Doesn’t) in RWA Tokenization
October 13, 2025