Arthur Hayes, the founder of BitMEX, has provided a detailed analysis of the recent volatility in the cryptocurrency markets. He believes that this volatility is due to a variety of factors, such as the conclusion of the U.S. tax season, potential policy shifts at the Federal Reserve, Bitcoin's recent halving, and the unchanging growth in assets under management for U.S. Bitcoin ETFs.

The founder views this downturn as a necessary correction and suggests that seasoned investors will hold onto their assets and potentially acquire more well-established assets like Bitcoin and Ether. Hayes also delves into how the Federal Reserve's changes to its quantitative tightening program have influenced market stimulus and discusses the actions of the U.S. Treasury Department, particularly in relation to borrowing and cash balances.