Bitcoin :: Arthur Hayes thinks something big is brewing. He points to the gap between Bitcoin and the Nasdaq—Bitcoin’s been sinking,

But the Nasdaq’s just treading water. To him, that’s not random. It’s a red flag about dollar liquidity that the stock market’s basically ignoring.

Hayes sees this as a sign that traditional stocks aren’t pricing in real risk. He blames the coming trouble on AI. As tech gets smarter, he expects a wave of white-collar layoffs. People lose jobs, they can’t pay their bills, and suddenly you’ve got a surge of consumer credit defaults.

And it’s not just talk. Crypto derivatives just went through a brutal week—$12 billion in leverage wiped out, fast. To Hayes, all of this points to a credit crunch that’s right around the corner, even if Wall Street refuses to see it.

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