Arthur Hayes, former CEO of BitMEX, has declared the traditional 4-year bull cycle in cryptocurrency markets obsolete. Hayes argues that Bitcoin's price dynamics are now more influenced by global liquidity conditions rather than the halving events that previously dictated market cycles. He attributes past market crashes to monetary tightening rather than changes in supply and demand. With global liquidity on the rise and interest rates anticipated to decline, Hayes suggests that a market peak may still be distant.