Arthur Hayes, the author of a recent essay, argues that the cryptocurrency market has not yet reached its peak, suggesting it is "not topping yet" (A1). He posits that the next phase of the crypto market will be shaped by a subtle or "stealth" form of quantitative easing rather than an explicit policy announcement (F2). Hayes highlights ongoing U.S. fiscal deficits (F3) and increased hedge fund interest in U.S. Treasuries (F4) as key factors that could drive significant market movements (A2). According to his analysis, these fiscal and investment dynamics may lead to a form of quantitative easing that influences the crypto market indirectly. This perspective implies that market participants should anticipate continued volatility and potential growth influenced by these underlying economic conditions. Hayes’s insights suggest that the crypto market’s trajectory remains closely tied to broader fiscal and financial trends in the U.S. economy.