Arthur Hayes said a sharp decline in EURJPY from around 185 to below 140 could trigger a major injection of dollar liquidity, creating a bullish backdrop for Bitcoin and the broader crypto market. In his article “Atención,” Hayes argued that Treasury Secretary Bessent is pursuing moves aimed at pushing the cross lower. Hayes described France as Europe’s weakest economy, citing government spending near 60% of GDP and reliance on foreign capital, mainly from Germany and Japan. He said France’s Target2 balance has shifted from net creditor to the largest debtor and that French bank stocks have already started to fall. He added that French banks account for about 20% of the U.S. repo market, and if capital outflows force them to cut repo lending, repo rates could spike and push the Federal Reserve to expand reverse repurchase program purchases. Hayes said Maelstrom Fund remains structurally long Bitcoin, while holding short-term positions on Ethereum with a $10,000 target, Ethena at $0.50, and Ether.fi at $2.