Arthur Hayes: euro-yen drop signals Fed liquidity expansion and bitcoin rally

• —Hayes sees euro-yen as an indicator of the pace of dollar liquidity growth
• —Bitcoin target if the Fed expands its balance sheet — $250,000–500,000
• —He calls BTC's rise from $63,000 to $80,000 insufficient
• —The largest portfolio position is Ethereum, with ETHFI and ENA also held