Arthur Hayes sees $60B FIMA usage as signal to add Bitcoin risk
BitMEX co-founder says he needs to see a $60 billion FIMA repo balance before increasing exposure to risk assets.
Arthur Hayes, co-founder of crypto derivatives exchange BitMEX, wrote in an Aug. 11 essay that he is monitoring the Federal Reserve's Foreign and International Monetary Authorities Repo Facility (FIMA) as a liquidity barometer for Bitcoin and other risk assets.
Hayes said he wants to see FIMA usage reach $60 billion before he considers adding more aggressively to his portfolio. FIMA allows foreign central banks and official institutions to temporarily exchange U.S. Treasuries for dollars, effectively channeling dollar liquidity offshore.
Why FIMA matters to crypto
In Hayes's view, a growing FIMA balance indicates that the Fed is providing dollar funding to foreign monetary authorities, which can then support global markets. He has previously argued that such liquidity injections tend to flow into risk-on assets, including Bitcoin.
The essay does not predict a specific Bitcoin price target. Instead, it frames the $60 billion mark as a threshold that would signal the start of a new phase of dollar liquidity. As of the essay's publication, FIMA repo usage remained below that level.