Arthur Hayes says AI absorbed dollar liquidity, hurting Bitcoin. Maelstrom sold HYPE, NEAR, WLD, and ZEC while holding BTC and ETH.
BitMEX co-founder Arthur Hayes says artificial intelligence has absorbed a significant portion of newly created dollar liquidity. In his view, this is the core reason Bitcoin has failed to rally despite broader monetary expansion.
Hayes published a detailed essay laying out his thinking on oil prices, U.S. politics, and AI stocks. He revealed that his family office, Maelstrom, sold its positions in HYPE, NEAR, WLD, and ZEC last week. BTC and ETH remain in the portfolio.
Related reading:
Arthur Hayes Sells HYPE and NEAR, Warns Market May Peak Before September
Arthur Hayes Links AI Capital Demand to Bitcoin’s Stagnation
In his essay, Hayes pointed to the explosive growth in data center capital expenditure as the driving force behind the liquidity absorption.
He estimated that AI-related entities issued roughly $1.5 trillion in debt between late 2022 and mid-2025. Over the same period, U.S. M2 money supply grew by approximately $1.5 trillion.
His conclusion is direct. AI consumed virtually every new dollar created during that stretch. Bitcoin, which would typically benefit from fresh liquidity, never had access to that capital.
Hayes noted that Bitcoin peaked in October 2025, right as AI capital expenditure hit its highest levels.
He argued this connection matters for how crypto investors should position themselves now. If AI stocks correct sharply, he said, banks will pull back on lending and credit will tighten. That scenario removes the conditions needed for Bitcoin to rally in the short term.
New Essay dropped “Reality Test”
Am I dreaming – or is AI investing as easy as buying a subscription to Citrini Research and buying every stonk they write about?
Am I dreaming – or does the price of oil not matter to economics or politics and that is why Trump and the IRGC can… pic.twitter.com/dr45xQdX86
— Arthur Hayes (@CryptoHayes) June 9, 2026
Hayes Sees Three Catalysts That Could Pop the AI Bubble
Hayes identified three factors he believes could deflate the AI trade.
The first is rising energy costs, driven by the ongoing U.S.-Iran conflict and restricted shipping through the Strait of Hormuz. Higher energy prices raise the cost of running data centers, which squeezes margins for AI model companies.
The second is the weight of three massive upcoming IPOs. Hayes noted that SpaceX, Anthropic, and OpenAI are all set to list, with SpaceX targeting a valuation of around $1.8 trillion at roughly 100 times sales.
He pointed out that the combined share supply from these listings and expiring lockups could exceed the total capital raised during the dot-com era.
The third is political pressure. Hayes argued that if oil prices keep rising and inflation becomes a liability for Republicans ahead of the November elections, Trump may pivot to anti-AI rhetoric to capture votes in contested districts.
He cited the sharp drop in Tesla shares during the brief public feud between Trump and Elon Musk as an example of how quickly sentiment can shift when political support for AI names evaporates.
Arthur Hayes Says AI Has Drained Bitcoin Liquidity; Sold HYPE, NEAR, WLD and ZEC, May Use Derivatives for Tactical Shorts
BitMEX co-founder Arthur Hayes said AI has absorbed a large share of newly created dollar liquidity, which he believes is a key reason Bitcoin has failed to… pic.twitter.com/c1yQQK6A3y
— Wu Blockchain (@WuBlockchain) June 9, 2026
Maelstrom Holds BTC and ETH, Eyes Tactical Short Positions
With those risks in view, Hayes said Maelstrom exited its positions in HYPE, NEAR, and WLD last week.
He added that ZEC was sold separately following a disclosed bug in the Orchard Pool. The sales were framed as capital preservation moves ahead of a potential broader risk-off period.
Read more:
Arthur Hayes Abandoned ZEC – Here’s What Triggered the Decision
Hayes said Ether has no immediate capital demands requiring liquidation, so it stays in the portfolio for now. Bitcoin also stays, though Hayes said he plans to use derivatives for selective tactical short positions to manage near-term risk.
His longer-term view on Bitcoin remains intact. He said he believes a sharp correction in AI stocks would eventually trigger a financial crisis, followed by a large monetary response.
In that scenario, Bitcoin would first fall, then recover as liquidity returns. For now, Hayes said, the priority is protecting capital through the turbulence.
The post Arthur Hayes Dumps HYPE, NEAR, WLD as AI Drains Bitcoin Liquidity appeared first on Live Bitcoin News.
