Curious Cryptos’ Commentary 4th November 2025 — Arthur Hayes

tl;dr

Arthur Hayes serves up another very insightful piece, which I have helped translate for the non-bankers out there.

Market Snap

Market Wrap

A weak BTC market has led to a much greater sell-off in alts exacerbated by the liquidation of a bunch of leveraged children, as always. The techies are out in force, selling their snake-oil to the naïve on the nonsensical basis that “everything is in the price”. Clearly, it isn’t, not least because the purchasers of snake-oil use leverage, both a nuance and an irony that simply passes them by.

Curious Cryptos’ meme corner

h/t The Milk Road

Curious Cryptos’ Commentary — Arthur Hayes

Arthur’s latest essay contains a lot of jargon, a lot of TLAs, and touches on several concepts I suspect are alien to most normal people, and certainly to those who have not had a career in banking:

https://cryptohayes.substack.com/p/hallelujah#poll-400039