At Token2049, held on September 18th, BitMEX founder and Maelstrom CIO Arthur Hayes delivered a keynote speech titled "Thoughts on Macroeconomics Current Events." He stated that today is "Fed Day," marking the day the Federal Reserve will begin lowering interest rates. He characterized ETH as an internet bond offering a 4% staking rate. He argues that if the Fed's rate cuts lead to market expectations of US Treasury yields falling below 4%, ETH will become attractive, leading to a resurgence of the ETH bull market.

He also predicted that with the Fed's rate cuts, there will be new winners and losers in the cryptocurrency space. Tokens that offer higher returns than US Treasury yields, like ENA, ETH, ETHFI, and PENDLE, are likely to be winners. Conversely, RWA (real-world assets) tokens like ONDO will be losers.