Arthur Hayes: Bitcoin has been in a bull market since the takeover of Silicon Valley Bank in March.

According to a report by Cointelegraph on September 5th, Arthur Hayes, co-founder and former CEO of BitMEX, stated during the 2023 Korea Blockchain Week that Bitcoin has been in a bull market for about 6 months, but the market has not yet reacted. Hayes estimates that the market will react within 6 to 12 months. Hayes believes that this round of Bitcoin bull market began on March 10th, the day Silicon Valley Bank (SVB) was taken over by the US Federal Deposit Insurance Corporation. In order to prevent further collapse of the banking industry, the Federal Reserve developed the Bank Term Funding Program (BTFP), which provides up to one year of bank loans in exchange for their submission of "eligible assets" as collateral. Hayes stated that since then, the price of Bitcoin has been rising, with a current increase of about 26%, which is the reason he claims the bull market began on that day.