Arthur Hayes, co‑founder of the BitMEX exchange and manager of the Maelstrom Fund, announced he has liquidated his entire altcoin portfolio as the market braces for a wave of high‑profile AI‑related IPOs, including SpaceX.. The move comes amid a broader pullback in altcoin inflows and Bitcoin sliding toward its February lows.

SpaceX IPO slated for July 2026 stokes bearish bets

According to the AMBCrypto report, the upcoming SpaceX public offering is expected to debut in July 2026 and is being framed by some analysts as a “face‑melting” event for speculative assets.. Hayes argues that the influx of capital into a mega‑cap tech float will siphon liquidity away from risk‑on crypto positions, prompting a defensive shift among investors.

Hayes dumps Worldcoin and HYPE ahead of AI listings

Hayes sold his holdings in Worldcoin (WLD) and the meme‑style token HYPE, as well as positions in NEAR, just before the scheduled listing of Worldcoin next week. he cited the trio of AI‑centric IPOs—SpaceX, Anthropic and OpenAI—as the primary catalyst for the sell‑off. The report notes that Worldcoin had surged 12% in the previous 24 hours, yet Hayes’ exit underscores his view that the short‑term upside is outweighed by looming market pressure.

Altcoin inflows slump as Bitcoin hits February lows

CryptoQuant data, referenced in the source, shows a sharp decline in altcoin exchange inflows across major platforms such as Binance and Coinbase. The outflow coincides with Bitcoin’s descent toward its February trough, reinforcing a risk‑off mood among traders. While the exact magnitude of the outflows was not disclosed, the trend suggests that capital is retreating from the broader crypto market .

Altcoin season index hovers at neutral 49 despite pullback

Despite the recent sell‑off, the altcoin season index—a lagging gauge of sector strength—remained near a neutral reading of 49, according to the source. This figure indicates that, although altcoins have lost ground, they retain relative resilience compared with Bitcoin’s sharper decline. Analysts caution that the index’s inertia may mask underlying volatility ahead of the SpaceX IPO.

Who will profit if Hayes' contrarian signals backfire?

Hayes has a history of issuing bullish calls that later turn into exit trades, a patttern the source describes as “exit‑liquidity hunting.” For instance, he previously touted HYPE’s rise to $100 before liquidating his stake three days later. if the AI IPOs fail to dampen crypto demand, investors who bought into the altcoins he sold could reap gains, while Hayes’ fund may miss a rebound.

Overall, the convergence of a landmark SpaceX IPO, dwindling altcoin inflows, and a cautious Bitcoin outlook creates a complex backdrop for crypto participants. Market watchers will be monitoring whether the anticipated liquidity shift materializes or if the crypto sector can sustain its relative strength despite the headwinds.