According to @MilkRoadDaily, Arthur Hayes reiterates a Bitcoin (BTC) price target of $250,000 by year-end, linking the call to the Federal Reserve signaling the end of quantitative tightening, accelerating liquidity, and the prospect of quantitative easing returning. According to @MilkRoadDaily, the discussion breaks down the recent crypto market crash, why it collapsed, and what altcoin liquidation data implies for positioning. According to @MilkRoadDaily, Hayes presents a macro bull case in which BTC could lead the debasement trade, alongside his outlook for 2025, ETH and altcoins, and whether the 4-year cycle still applies. According to @MilkRoadDaily, the episode also covers practical trading preparation for black swan events and bear market strategies, with segments on Nexo and Figure Markets included.