亞瑟·海斯（Arthur Hayes）的目標是缺乏客戶或收入的加密貨幣項目

他宣布當前的市場環境為實際的財務績效至關重要。

BitMEX co-founder Arthur Hayes took aim at cryptocurrency projects boasting no clients, no revenue, and zero cash flow in a recent tweet. He declared the current market environment to be "fundamental szn."

Bitmex聯合創始人Arthur Hayes旨在在最近的一條推文中瞄準了不擁有客戶，沒有收入和零現金流量的加密貨幣項目。他宣布當前的市場環境為“基本的SZN”。

"It’s fundamental szn bitches. Fuck your no client, no revenue shitcoins. Give me that cash money in the form of buy back and burn. $ETHF = the Amex of #crypto," Hayes stated.

海斯說：“這是基本的szn bit子。他媽的你沒有客戶，沒有收入。

The message highlights Hayes's focus on cryptocurrency projects that generate real cash flow over those trading primarily on speculation. His call for token buybacks and burns, where projects purchase their own tokens from the market and permanently remove them from circulation, emphasizes his preference for deflationary tokenomics backed by actual revenue.

該消息突出了海斯對加密貨幣項目的關注，這些項目主要是基於投機的那些交易的現金流。他呼籲代幣回購和燒傷，項目從市場上購買自己的令牌並永久將其從流通中刪除，強調了他對以實際收入為支持的通氣令牌的偏愛。

Treasury Department Over the Fed

美聯儲的財政部

Hayes' outlook also sees him advising investors to shift their attention from Federal Reserve actions to Treasury Department operations.

海耶斯的前景還看到他建議投資者將注意力從美聯儲的行動轉移到財政部的運營。

"The real show is at the Treasury Department. Ignore the Fed. It doesn't matter. Powell didn't matter in 2022 under a Democratic regime, and he doesn't matter now under a Republican one. People are focused on interest rates, but that's not the game. The game is liquidity, and liquidity is determined by the Treasury Department," explained Hayes, tying his investment thesis more closely to increasing the money supply than to rate fluctuations.

“真正的表演是在財政部。忽略美聯儲。這沒關係。鮑威爾在民主制度下並不重要，現在他在共和黨的政權下並不重要。人們專注於利率，但這不是遊戲。遊戲是流動性，流動性是由財政部確定的。

This liquidation-driven strategy has influenced Hayes's own investment plan, leading him to allocate 60%-65% of his portfolio to Bitcoin, 20% to Ethereum, and the remaining to what he terms "quality shitcoins"—a colloquialism used to differentiate between valueless tokens and those possessing real utility and revenue streams.

這種以清算驅動的策略影響了海斯自己的投資計劃，這使他將其投資組合的60％-65％分配給比特幣，20％到以太坊，以及其餘的對他所說的“優質shitcoins”，這是一種用於區分無價值的代幣和擁有現實公用事業和競爭流的人。

This view contrasts with his very bullish outlook on Bitcoin, which he prophesied would hit $1 million by 2028. Ascribing this prediction to America's continued spending habits and capital flowing towards hard assets due to a liquid dollar, Hayes' predictions are tied to his observations of macroeconomic trends and capital flows.

這種觀點與他對比特幣的看法形成鮮明對比，他對比特幣的看法將在2028年達到100萬美元。將這一預測歸因於美國的持續支出習慣，資本歸因於液體美元，這是由於液體美元而流向硬資產，海耶斯的預測與他對宏觀經濟趨勢和資本流有關的觀察息息相關。

This emphasis on fundamentals marks a phase of transformation for the cryptocurrency market as investors increasingly differentiate between projects according to revenue generation, user adoption, and tokenomics. The focus on fundamentals implies a ripening market that may see financial performance increasingly replace pure speculation as a driver of value.

對基本面的強調標誌著加密貨幣市場的轉型階段，因為投資者越來越多地根據收入，用戶採用和標記學的項目在項目之間差異。對基本面的關注意味著成熟的市場可能會看到財務績效越來越代替純粹的猜測，成為價值的驅動力。