Part 5/9:
In a candid exploration of whether we’re in a bull or bear market, Hayes points out that traditional measures may fail to capture the current situation. “There has been a bull market,” he states, even if not as broad-based as in previous cycles. Hayes suggests that understanding liquidity trends—particularly in relation to central bank policies—will better inform predictions about crypto markets.
As liquidity tightens or expands, he suggests that the price of assets will generally correlate inversely or directly with market conditions, depending on the prevailing economic policies.