Golden Finance reported that BitMEX co-founder Arthur Hayes wrote that he believes the crypto market will reach its peak in mid-to-late March. The Fed's quantitative tightening (QT) will reduce liquidity by approximately $180 billion and inject an additional $237 billion in liquidity due to reductions in RRP balances due to adjustments to the incentive rate. In total, there was a net liquidity injection of $57 billion. The Treasury is likely to cover government spending through the TGA until May-June and will then need to raise the debt ceiling, a move that will have a negative impact on liquidity. In addition, peak tax periods (such as mid-April) will further inhibit market liquidity. If factors affecting TGA balances were the only factors determining cryptocurrency prices, a local market top would be expected at the end of the first quarter. In 2024, Bitcoin hit a local high around $73,000 in mid-March before trading sideways and beginning a multi-month decline on April 11, just before the 15th tax deadline. It added that the Trump team’s disappointment with its proposed pro-cryptocurrency and pro-business legislation could be made up for by an extremely positive USD liquidity environment, which increased by as much as $612 billion in the first quarter. He also said: “As Maelstrom’s chief investment officer, I will encourage risk-takers in the fund to shift their risk to DEGEN. The first step in this direction is our decision to enter the booming decentralized science (DeSci) garbage coin Sector. We like undervalued junk coins and bought BIO; VITA; ATH; GROW; PSY; CRYO; NEURON.”