Arthur Hayes, in a recent interview, suggested that Bitcoin's market dynamics should not be strictly tied to the traditional four-year halving cycle. Instead, he believes that global credit and monetary easing are the true drivers of market trends. As long as countries continue to expand fiscally through money printing rather than taxation, the market could extend its bullish phase until 2027. Hayes also highlighted the growing influence of decentralized perpetual contract platforms, which are expected to erode the market share of centralized exchanges (CEX) over the next 3-5 years. He noted that platforms like Hyperliquid will face competition from newcomers such as Lighter, which offer token incentives and revenue sharing. Addressing the liquidation event on October 11, Hayes emphasized that high leverage and a lack of understanding of mechanisms are the primary risks, suggesting that future strategies should be restructured to account for extreme volatility.