Arthur Hayes, co-founder of BitMEX, highlighted a correlation between Bitcoin's recent decline and a contraction in dollar liquidity. Hayes noted on the X platform that dollar liquidity has shrunk by approximately $300 billion in recent weeks, largely due to a $200 billion increase in the US Treasury's General Account. This increase suggests the government is bolstering cash reserves, possibly in anticipation of a potential shutdown. Hayes suggests that the reduction in liquidity aligns with Bitcoin's downturn.