Arthur Hayes, co-founder of the BitMEX exchange and the Maelstrom Fund, has offloaded his entire holdings in Hyperliquid (HYPE) and Near Protocol (NEAR) as he anticipates volatility linked to upcoming IPOs from major tech firms such as SpaceX, Athropic, and OpenAI. He described the move as a strategic decision to take profits ahead of these market events.
While Hayes expressed caution toward the broader altcoin market, he remains optimistic about Worldcoin (WLD), expecting its value to benefit from the imminent SpaceX IPO. Worldcoin, a project centered on human identification technologies in an AI-driven landscape, has recently rallied, gaining momentum in the last 24 hours.
Hayes’ trading activity and public statements have at times functioned as signals for contrarian investors. For instance, he previously predicted a bullish surge for HYPE, only to exit the position days later, prompting speculation that his bullish calls sometimes serve as exits for his fund rather than genuine endorsements. This dynamic invites caution in interpreting his recent positive remarks on Worldcoin.
Market data supports a broader trend of risk aversion among altcoin investors in response to Bitcoin’s recent decline. CryptoQuant reports a decrease in altcoin inflows across major exchanges such as Binance and Coinbase, indicating that traders are reducing exposure during BTC’s slump. However, despite this pullback, the altcoin season index has hovered near neutral levels, suggesting the sector maintains relative strength even amid broader market pressures.
The approaching wave of AI-focused IPOs appears to exert bearish pressure on altcoins, according to analysts monitoring the space. Still, this environment may present a discounted buying opportunity for established altcoin projects poised for growth once market uncertainty subsides.