亚瑟·海斯（Arthur Hayes）的目标是缺乏客户或收入的加密货币项目

他宣布当前的市场环境为实际的财务绩效至关重要。

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联合创始人Arthur Hayes旨在在最近的一条推文中瞄准了不拥有客户，没有收入和零现金流量的加密货币项目。他宣布当前的市场环境为“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.

海斯说：“这是基本的szn bit子。他妈的你没有客户，没有收入。

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.

该消息突出了海斯对加密货币项目的关注，这些项目主要是基于投机的那些交易的现金流。他呼吁代币回购和烧伤，项目从市场上购买自己的令牌并永久将其从流通中删除，强调了他对以实际收入为支持的通气令牌的偏爱。

Treasury Department Over the Fed

美联储的财政部

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

海耶斯的前景还看到他建议投资者将注意力从美联储的行动转移到财政部的运营。

"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.

“真正的表演是在财政部。忽略美联储。这没关系。鲍威尔在民主制度下并不重要，现在他在共和党的政权下并不重要。人们专注于利率，但这不是游戏。游戏是流动性，流动性是由财政部确定的。

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.

这种以清算驱动的策略影响了海斯自己的投资计划，这使他将其投资组合的60％-65％分配给比特币，20％到以太坊，以及其余的对他所说的“优质shitcoins”，这是一种用于区分无价值的代币和拥有现实公用事业和竞争流的人。

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.

这种观点与他对比特币的看法形成鲜明对比，他对比特币的看法将在2028年达到100万美元。将这一预测归因于美国的持续支出习惯，资本归因于液体美元，这是由于液体美元而流向硬资产，海耶斯的预测与他对宏观经济趋势和资本流有关的观察息息相关。

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.

对基本面的强调标志着加密货币市场的转型阶段，因为投资者越来越多地根据收入，用户采用和标记学的项目在项目之间差异。对基本面的关注意味着成熟的市场可能会看到财务绩效越来越代替纯粹的猜测，成为价值的驱动力。