[Arthur Hayes: U.S. Government Shutdown Impacts Crypto Market Liquidity] On November 4, BitMEX founder Arthur Hayes published an article pointing out that the U.S. Treasury is borrowing but not spending, with the Treasury General Account exceeding its $850 billion target by approximately $150 billion. This portion of liquidity will only be released once the government reopens, leading to the current weakness in the crypto market. Hayes predicts that the market will continue to fluctuate until the shutdown ends, with some investors potentially misjudging this as a market peak and selling off their positions. Hayes emphasized that the U.S. dollar monetary market mechanism does not lie—the U.S. needs to issue $2 trillion annually to finance the government and extend maturing debt through stealth quantitative easing via the SRF.