Arthur Hayes, co-founder of BitMEX, predicts Bitcoin could reach $250,000 by the end of the year, following the conclusion of the US spot ETF basis trade. Hayes argues that Bitcoin's recent dip to $80,000 was a bottom, not the onset of a bear market. He attributes the anticipated price surge to improved dollar liquidity and the unwinding of leveraged ETF trades. Additionally, Hayes highlights favorable macroeconomic conditions, such as the end of Federal Reserve quantitative tightening and the rebuilding of the Treasury General Account, as supportive factors for Bitcoin's growth.