What's driving Bitcoin in 2025? According to veteran analyst Arthur Hayes, the answer might lie in dollar liquidity flows. He's making a bold call: expect a substantial Bitcoin rally this year, and it's directly tied to how the U.S. dollar money supply expands. The logic checks out—when liquidity pumps into the system, investors hunt for yield and alternative assets. Bitcoin historically thrives in these environments. Whether this thesis plays out depends on Fed policy and macroeconomic conditions, but Hayes' track record keeps traders paying attention. The correlation between USD liquidity expansion and Bitcoin momentum is worth tracking closely as we move through 2025.