CoinEx News: BitMEX co-founder Arthur Hayes published a new essay titled “Situationship” on his Substack. In the piece he argues that heavy AI data-center spending is closer to a real-estate credit boom than pure technology growth. He expects construction growth to slow in 2027–2028, triggering balance-sheet stress and large government bailouts.

Hayes writes that the resulting money-printing wave would push Bitcoin to one million dollars or higher. Writing in late July 2026, he said he did not know at what price Bitcoin would bottom and that it might already have done so. He also sets a rough target of 5,000 dollars for Ethereum by the end of 2026, citing its potential role as the settlement layer for tokenized real-world assets on networks such as Arbitrum, which corporate RWA chains like Robinhood are expected to use. Hayes notes that Maelstrom, the fund he manages, holds a significant amount of Bitcoin on an unlevered basis. The essay frames Bitcoin as the main beneficiary of excess liquidity once AI capital is no longer absorbed by infrastructure build-outs.