Arthur Hayes warns Bitcoin could fall as AI giants face massive share selloffs

BitMEX co-founder Arthur Hayes has warned that heavy share selling following major artificial intelligence IPOs could weaken stock markets, restrict dollar liquidity and put pressure on Bitcoin before any potential central bank intervention. Summary BitMEX co-founder Arthur Hayes warns that large share unlocks following major AI IPOs could put pressure on technology stocks and financing costs. Hayes estimates that Anthropic’s early public investors could face what he calls 83% dilution by June 2027, although this is his interpretation of the expected share supply. He expects falling AI stocks to make lenders more cautious, potentially slowing bank credit growth and reducing dollar liquidity available to Bitcoin. His investment firm, Maelstrom, plans to remain on the sidelines until liquidity conditions improve. Hayes believes a severe AI financing crisis could eventually prompt central banks to ease monetary policy, potentially benefiting Bitcoin over the longer term. His latest essay, D is for Dilution, examines the shares that could become available for trading after the public listings of SpaceX, Anthropic and OpenAI. Hayes argues that investors may struggle to absorb the additi...