According to CoinMeta, co-founder BitMEX, Arthur Hayes, stated that US dollar liquidity is gradually recovering, but Bitcoin is still expected to face downward pressure before the Federal Reserve or commercial banks begin to expand their balance sheets. As of November 2nd, the US dollar liquidity index (. usdliq) had risen by about 4.49% for the year. Hayes believes that the Federal Reserve's balance sheet expansion or the banking system's expansion of credit scale will be important conditions for driving Bitcoin higher.