Maelstrom co-founder Arthur Hayes liquidated his Worldcoin (WLD) holdings just days after the research outfit described WLD as one of the cleanest proxies for the AI investment wave. The move underscores how public bets on AI narratives can rise and fall quickly, even for assets a prominent investor once touted as a sure-fire proxy.

Hayes took to X to critique a chart of the SpaceX pre-IPO perpetual futures contract, saying the chart was moving in the wrong direction. His post concluded with a blunt disclosure: “Dumped WLD. I’m out. See y’all at the clerb.” The timing follows Maelstrom’s characterization of Worldcoin as an attractive entry point into the AI-IPO theme and a note that helped spur a brief rally for the token.

It was only a few days earlier that Maelstrom researcher Lukas Ruppert described Worldcoin as an “overlooked” bet on “AI mega IPOs,” predicting WLD could reach $5 by August. The note sparked a short-lived advance, sending WLD above the $0.60 level on Friday before retreating toward the $0.40 area by Sunday as Hayes publicly exited the position to his roughly 800,000 followers on X.

Hayes’s stance on Worldcoin had previously been aligned with a broader AI-forward thesis—one that tied multiple token bets to the idea of a wave of AI IPOs and platform-scale adoption. Yet the latest exit came even as Hayes had signaled a willingness to hold WLD through the SpaceX IPO on Nasdaq, which had been anticipated to launch the following Friday, drawing scrutiny from some observers who cautioned about timing and concentration risk.

Key takeaways

• Arthur Hayes liquidated Worldcoin (WLD) holdings days after Maelstrom framed WLD as a clean proxy for AI IPOs, signaling a pivot away from a narrative he helped amplify.
• WLD’s price action reflected the churn around AI-narrative assets: a rally to about $0.60 followed by a retreat to roughly $0.40 as the exit news circulated.
• Hayes has a documented history of shifting positions on high-profile bets—ranging from Worldcoin to Hyperliquid (HYPE) and Zcash (ZEC)—even after initially promoting a bullish thesis.
• The broader AI-IPO theme remains in play, but investors should weigh the risks of relying on single-asset proxies and the potential for rapid reversals when public bets shift.

From AI megabets to ongoing pivots: Hayes’s track record in focus

The sequence around Worldcoin sits within a larger pattern that crypto markets frequently witness: a bold call tied to a transformative technology, followed by quick re-evaluation as markets digest momentum, valuation, and macro signals. In March, Hayes publicly argued that Hyperliquid (HYPE) could reach as high as $150 by August, a forecast that attracted attention in the more speculative corners of the market. Then, on June 1, he asserted that HYPE would outperform any other top-ten crypto in USD terms for the remainder of the year. Just three days later, he said he would exit the entire HYPE position, citing concerns over energy prices tied to the Iran war, inventory restocking dynamics, and the looming AI IPO wave. Those moves illustrate how even strongly bullish calls can give way to disciplined risk management amid shifting conditions.

The broader narrative around HYPE extended beyond the original calls. A separate episode saw Hayes depicting what he called the “Holy Trinity” of HYPE, ZEC, and NEAR as dead. Yet the script appears to have evolved again. On Monday, a wallet linked to Hayes reportedly purchased back around 33,978 HYPE tokens, valued at approximately $2 million, after the price had fallen following his June sale, according to Arkham Intelligence. The reversal underscores how public figures in crypto can simultaneously shape sentiment and experience reversals themselves as markets respond to new information and evolving risk appetites.

Cointelegraph sought comment from Maelstrom on the latest movements, but as of publication had not received a reply. The episode nonetheless adds another data point to a long-running conversation about how influential investors manage risk when AI-focused narratives dominate sentiment, and how those narratives intersect with real-world catalysts like major IPOs.

Implications for investors and the ongoing AI narrative

The Worldcoin episode highlights two central tensions facing crypto markets today. First, there is an enduring allure to “AI mega IPO” narratives, which promise outsized upside by aligning token bets with the broader science-fiction-like story of artificial intelligence redefining industries. Yet the rapid swings seen in WLD—especially after high-profile endorsements and headlines—also demonstrate the fragility of such narratives when measured against price action and risk control. For traders and funds, the episode reinforces the importance of explicit risk budgets and diversified exposure rather than relying on a single proxy to capture a sweeping theme.

Second, Hayes’s sequence of bullish pronouncements followed by swift exits raises questions about conviction versus timing. The pattern—picking a narrative, staking a position, and then revisiting the thesis in light of new data—mirrors a recurring dynamic among market participants who seek to monetize speed and access to information. For followers and rivals, the episodes provide case studies in how influence can guide attention and liquidity, but also how quickly opinion can reverse when new data arrives or when market conditions shift.

Looking ahead, traders will likely watch not only the immediate price trajectory of Worldcoin but also the broader AI narrative’s staying power. Key questions include whether WLD can sustain an upward trajectory without a sustained, verifiable catalyst beyond talk of AI IPOs, and how other AI-focused tokens perform as the market evaluates the credibility and timing of these megabets. The SpaceX IPO timeline remains a potential inflection point: if the listing proceeds as expected, it could either validate the broader AI-exposure thesis or reignite questions about the durability of proxy assets in crypto markets.

As with many episodes in the crypto space, the outcomes are as much about investor psychology as about fundamentals. The next developments—SpaceX’s IPO timeline, the continuing temperature of AI-narrative bets, and how participants reconcile competing signals—will help determine whether Worldcoin and its peers can sustain a durable narrative or retreat into the realm of episodic volatility.

Readers should monitor how public bets translate into liquidity shifts, and how notable investors adjust their positions as new data arrives. The coming weeks will be telling for whether the AI IPO story can withstand a test of time or whether it remains a narrative-driven rally that hinges on ongoing catalysts and consistent risk management.

Gold has fallen below its 200-day moving average (200DMA), a widely followed long term technical indicator that tracks the average closing price over the previous 200 trading days.

A break below the 200DMA is often interpreted as a sign that long term bullish momentum has weakened and that a broader trend reversal may be underway. This is the first time gold has traded below its 200DMA since October 2023, with prices now slipping beneath $4,300 per ounce.

The decline follows a huge rally in which gold surged nearly 200%, climbing from below $2,000 per ounce in October 2023 to a record high of $5,600 in January this year. Much of that advance was driven by the “debasement trade“, the investment thesis that government spending, rising debt levels, and loose monetary policy would erode the purchasing power of fiat currencies, increasing demand for scarce stores of value such as gold.

Gold has now entered bear market territory, having fallen more than 20% from its all time high. The latest weakness follows a stronger than expected U.S. jobs report on Friday, which prompted markets to price in a greater likelihood of Federal Reserve tightening. CME FedWatch Tool, now assigns a 25 basis point rate hike in December, which would lift the federal funds rate to a range of 3.75% to 4.00%.

Silver, which is often viewed as a higher beta version of gold due to its greater volatility, is currently testing support at its own 200DMA near $67 per ounce.

The bitcoin BTC$62,945.93 to gold ratio, which measures how many ounces of gold one bitcoin can purchase, has risen 3% over the past 24 hours to 14.72 ounces as bitcoin recovers toward $63,000.

Despite the rebound, the ratio remains roughly 70% below its December 2024 peak of approximately 41 ounces. Last month, the ratio was rejected at its 200DMA, which preceded bitcoin’s decline below $60,000. However, the ratio remains above its February lows, offering a modest sign of resilience for bitcoin bulls.

Adding further pressure to risk assets, the US Dollar Index (DXY) has climbed back above 100. A stronger dollar is typically a headwind for commodities, gold, and cryptocurrencies because it tightens global financial conditions, reduces liquidity, and makes dollar denominated assets more expensive for international investors.

XRP price has stabilized near $1.14 after a sharp weekly selloff, but analyst warnings and weak technical structure suggest the token could still revisit $0.90 before forming a durable bottom.

According to data from crypto.news, XRP (XRP) price traded near $1.14 on June 8 after plunging from around $1.45 at the start of the month and briefly testing support near $1.10 during the recent market-wide selloff.

XRP token has spent the past two sessions consolidating between roughly $1.10 and $1.15 as traders assessed the impact of macroeconomic headwinds, rising geopolitical tensions, and a liquidation-driven decline that pushed several momentum indicators into oversold territory.

XRP price stabilized despite crypto market sentiment remaining fragile following Bitcoin’s (BTC) drop toward the $60,000 area, persistent spot Bitcoin ETF outflows, and a stronger U.S. dollar after hotter-than-expected labor market data reduced expectations for Federal Reserve rate cuts.

XRP faces pressure from macro shocks and oil-led inflation risks

Risk appetite weakened further after WTI crude futures jumped more than 4% above $94 per barrel on June 8. The move followed renewed missile exchanges between Iran and Israel, which threatened President Donald Trump’s efforts to secure a proposed 60-day ceasefire with Tehran.

Higher oil prices added another problem for crypto traders because energy-driven inflation could make it harder for the Fed to ease policy.

Rising Treasury yields and a stronger dollar usually weigh on non-yielding assets, leaving altcoins such as XRP exposed during periods of forced deleveraging.

Bitcoin’s brief recovery toward the $62,000 to $63,000 range has helped slow the selloff, but the Crypto Fear and Greed Index remains in Extreme Fear territory. XRP’s current consolidation therefore looks more like a pause after heavy selling than a confirmed trend reversal.

XRP chart keeps $0.90 in focus as liquidation clusters build

On the weekly chart, XRP continues to trade inside a descending parallel channel that has capped price action since its 2025 peak near $3.80. The latest candle is sitting near the lower half of that structure, with immediate support around $1.13 and deeper horizontal support near $0.90.

According to crypto analyst Ali Martinez, the $0.90 region remains a key level for long-term buyers.

Momentum data supports the bearish setup. The weekly MACD remains below the zero line, with the signal line still above the MACD line, while the Aroon indicator shows Aroon Down near 92.86% and Aroon Up around 14.29%. That structure shows sellers continue to control the larger trend.

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The 3-day XRP liquidation heatmap shows heavy leverage concentrated below spot price between $1.08 and $1.05, with another strong liquidity pocket near $1.04. A sweep of those levels could trigger another wave of forced selling before the market attempts a stronger rebound.

Upside liquidity is clustered around $1.17 to $1.20, meaning a short squeeze is still possible if XRP breaks above the current range. However, the token would need to reclaim $1.31 and then $1.50 to weaken the descending channel structure.

Fundamentals offer one counterweight to the bearish chart. As crypto.news reported earlier, XRP Ledger recorded around $1.5 billion in real-world asset inflows over the last 30 days, while Ethereum saw roughly $1.2 billion in outflows. XRPL’s RWA market cap also rose more than 124% in the first quarter, with tokenized assets reaching about $2.25 billion.

Ripple’s RLUSD expansion through Wormhole has also improved liquidity options across multiple networks. The stablecoin push adds to Ripple’s focus on tokenized securities, funds, and institutional assets, giving XRP a stronger fundamental story than many altcoins facing similar macro pressure.

Still, price action remains the near-term driver. A weekly close below $1.10 could expose $1.05 first, followed by the $0.90 zone highlighted by Martinez.

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A recovery above $1.20 would ease immediate downside pressure, but XRP may need a break above $1.50 before traders can argue that the larger downtrend has started to fail.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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The second week of June puts the crypto market’s resilience to the test as digital assets battle an unusual divergence from record-setting equity markets.

Following a grueling nine-month correction cycle that has pushed bitcoin down to major psychological support levels, traders enter the week facing a double-barreled threat of heavy token emissions and tightening cross-asset liquidity.

The direction of the week’s risk appetite could be dictated by a high-stakes macro calendar. Traditional markets are bracing for Wednesday’s U.S. CPI print, and a hot inflation reading could lock in a restrictive Federal Reserve stance and deepen recent spot ETF outflows.

With the market trying to find a definitive bottom amid persistent geopolitical friction and shifting risk capital, the week’s data will determine whether the asset class faces further downside or maps out a structural recovery.

What to Watch

(All times ET)

• Crypto
  • June 8: Coinbase debuts its perpetual-style equity index futures, expanding its derivatives offerings beyond crypto assets.
  • June 8: Starknet STRK$0.03293 introduces a new STRK20 privacy standard on its mainnet, adding native privacy-preserving features and shielding mechanics to the Ethereum layer-2 network.
  • June 8-12: The Clarity Act continues its legislative progress on the full Senate floor. The market-structure bill faces debate over DeFi obligations and stablecoin yield exemptions.
• Macro
  • June 9, 9:30 p.m.: China Inflation Rate YoY for May est. 1.3% (Prev. 1.2%); PPI YoY est. 3.8% (Prev. 2.8%)
  • June 10, 8:30 a.m.: U.S. Inflation Rate YoY for May est. 4.2% (Prev. 3.8%); Core Inflation Rate YoY est. 2.9% (Prev. 2.8%)
  • June 10, 8:30 a.m.: U.S. Inflation Rate MoM for May est. 0.5% (Prev. 0.6%); Core Inflation MoM est. 0.3% (Prev. 0.4%)
  • June 11, 4:15 a.m.: ECB Interest-Rate Decision est. 2.25% (Prev. 2.00%)
  • June 11, 8:30 a.m.: U.S. PPI MoM for May est. 0.8% (Prev. 1.4%); Core PPI MoM est. 0.4% (Prev. 0.7%)
  • June 11, 8:30 a.m.: U.S. Initial Jobless Claims for period ending June 6 est. 218K (Prev. 215K)
  • June 12, 2 a.m.: U.K. GDP MoM for April est. -0.1% (Prev. 0.3%); GDP YoY est. 1.1% (Prev. 1.2%)
• Earnings

Token Events

• Governance Votes & Calls
  • Aave AAVE$62.56 is conducting a temperature check seeking community feedback on deploying Aave V4 on Arc alongside supporting an initial set of high-quality assets. Voting ends on June 9.
  • Bancor (BNT) is voting on a proposed lower fee on numerous stablecoin pairings, including USDS, UDSe and PYUSD. Voting closes on June 10.
  • Decentraland DAO is voting on lowering the voting power threshold for governance proposals from 6 million to 5 million or less, aiming to address declining voter participation. Voting ends on June 12.
• Unlocks
  • June 9: HumidiFi (WET) to unlock 111.59% of its circulating supply worth $14.33 million.
  • June 10: HOME (HOME) to unlock 19.79% of its circulating supply worth $25.68 million.
  • June 10: Magic Eden (ME) to 33.99% of its circulating supply worth $10.08 million.
  • June 6: Hyperliquid (HYPE) to unlock 2.54% of its circulating supply worth $673 million.
• Token Launches
  • June 8: Pharos (PROS) listed on Bitrue at 2 a.m.

Conferences

Galaxy Digital has lowered its estimate for the CLARITY Act becoming law in 2026, warning that the Senate is running out of time to pass the crypto market structure bill.

Alex Thorn, Galaxy’s head of research, said the firm now sees a 60% chance of passage this year. Galaxy had raised its estimate to 75% in May after the Senate Banking Committee advanced the bill.

Galaxy lowers CLARITY Act odds to 60%

“On May 22, we raised our estimate of the probability that the CLARITY Act becomes law in 2026 to 75%,” Thorn said. “We are now lowering that estimate to 60%,” he added.

The change shows how quickly the bill’s path has narrowed. Thorn said Senate leaders must move the bill before lawmakers leave for their August recess in late July.

He said the window “effectively closes” after that break because midterm election activity will make major legislation harder to pass.

Senate calendar becomes the main risk

The CLARITY Act still needs Senate floor debate, an amendment process, and alignment between different Senate committee texts.

Thorn said Senate Majority Leader John Thune would likely need to schedule floor time in July for the process to fit before recess.

“Anything later and the procedural steps do not fit before the recess,” Thorn said.

The bill also needs at least 60 Senate votes to avoid a long debate process. That means lawmakers must settle remaining disputes while keeping enough bipartisan support.

Ethics and illicit finance talks remain open

Galaxy said it would raise its odds again if Senate leaders commit to a July vote and lawmakers settle the remaining policy issues.

Thorn said ethics and illicit finance provisions remain key sticking points. These issues matter because they could affect support from senators who remain cautious about crypto rules.

Senator Cynthia Lummis has continued pressing for a floor vote. She wrote that the bill had cleared committee and that “the floor is next.”

Lummis also told CNBC that lawmakers are working through ethics and illicit finance concerns before a possible vote.

As previously reported by crypto.news, Galaxy had raised its CLARITY Act odds to 75% after the Senate Banking Committee passed the bill in a 15-9 bipartisan vote.

Separate crypto.news reporting noted that JPMorgan later warned the bill was running out of time. The bank placed the chance of passage this year at less than 50%.

Bitwise chief investment officer Matt Hougan also sounded more cautious. He said some Washington insiders put the odds between 5% and 30%.

The CLARITY Act remains one of the crypto industry’s main policy goals. Its path now depends on whether Senate leaders can find floor time, settle the open provisions, and send a revised bill back to the House before the election calendar takes over.

Zcash has clawed back much of last week’s losses, rising about 45% from the low near $300 it hit Friday as developers proposed a fix for the flaw that triggered the sell-off.

ZEC traded around $437 on Monday, according to CoinDesk data, though it remains down roughly 22% over the week. The token plunged after Shielded Labs, a nonprofit developer on the network, disclosed a counterfeiting bug in Zcash’s Orchard pool, the part of the system that hides transaction details.

The flaw, undetected since 2022, could have let an attacker create unlimited fake ZEC without anyone noticing and withdraw tokens from the protocol’s shielded pool – which offers opt-in priv

Developers, including Shielded Labs, the Zcash Foundation, and the Zcash Open Development Lab, patched the bug within days through emergency network upgrades, coordinated with the mining pools ViaBTC and Foundry. On June 6, the same groups proposed Ironwood, a plan to restore users’ ability to confirm the coin’s supply is sound.

Ironwood would create a new privacy pool using the repaired code and block the creation of new coins in the old Orchard pool. Once it activates, anyone running the Zcash software could add up the balances across pools and confirm that no more than the correct amount of ZEC exists.

Users would not have to trust the developers’ word or wait for funds to migrate.

The plan could also reveal whether the bug was ever abused. As users move coins out of the old pool, any counterfeit ZEC would either be exposed when it tried to leave or be stranded and destroyed. Shielded Labs has said it believes exploitation was unlikely.

The proposal has drawn attention beyond the Zcash community. In his latest newsletter, investor Chamath Palihapitiya described Ironwood as a way for anyone running a node to tally the balances across pools and “verify the supply is clean.”

Developers have not given a firm timeline for the upgrade, saying the work to build, test and coordinate it across the network could take longer than expected.