On September 18th, BitMEX co-founder Arthur Hayes, speaking at the first day of the TOKEN2049 main conference during a session titled "Thoughts on Macroeconomics Current Events," stated:

The Federal Reserve made a huge mistake by lowering interest rates at a time when the US government was spending the most money. This is even more complicated when inflation is above their target and real GDP growth has been above 2% for the past 8 to 9 quarters. So, while I think many people are looking for a rate cut expecting it to boost equities and other markets, that's not actually going to happen. I think the market will crash a few days after the rate adjustment, as this will shrink the interest rate differential between the dollar and the yen.

I want to list some winners and losers that will emerge from the changing interest rate environment due to declining treasury yields, and the interest income that can be generated by holding the safest fiat asset. Winners include ENA, ETH, ETHFI, and PENDLE, of which I personally hold significant positions, but I don't hold ONDO. Maelstrom's (his family office) portfolio is well-suited for a declining interest rate environment.

Many people think Ethereum didn't really advance in this cycle. Solana has performed extremely well over the past few months. The main argument for Ethereum is that it's an internet bond, a 4% yielding internet bond. So why would I invest in this bond when treasury yields are above this level? But if treasury yields come down quickly, investing in ETH becomes profitable. The yield earned from holding Ethereum will exceed the yield earned in dollars and treasuries. The Fed will cut rates, the market will crash, and then ignite a new bull run.