BitMEX co-founder Arthur Hayes remains confident in his prediction that Bitcoin will reach $250,000 by the end of 2025. Speaking on the 'Milk Road Show' this week, Hayes identified last week's dip to $80,600 as the cycle's bottom, with the current rebound supporting his outlook. He noted that recent inflows into BlackRock's IBIT were largely due to basis trading, and that institutional deleveraging is largely complete. Hayes believes that the bottoming of dollar liquidity, the end of quantitative tightening, and expectations of interest rate cuts will drive a new upward trend for Bitcoin.