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Web3Pro

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✨ Arthur Hayes drops new essay “Frowny Cloud” Hayes explains why $BTC lagged gold and Nasdaq in 2025: gold was boosted by central bank buying, stocks by AI subsidies, while Bitcoin suffered from dollar liquidity shortages. His key thesis: once Fed balance sheet expansion and bank lending resume, $BTC should benefit the most Liquidity decides the winner - and $BTC just hasn’t had its turn yet
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