Arthur Hayes's stance on Worldcoin shifted swiftly in less than a day. BitMEX co-founder and chief investment officer of family office Maelstrom announced on Friday that he had sold all of the firm's holdings of WLD. Following the news, WLD's decline widened, falling by more than 20% at one point amid a weakening overall crypto market.
The day before, it was stated that it would continue to hold.
Hayes posted on social media that he had exited WLD, along with a chart showing SpaceX's stock price declining. CoinDesk reported that WLD had already fallen in the previous 24 hours, and the decline accelerated after Hayes' post.
Just a day earlier, Hayes stated that Maelstrom would continue to hold Worldcoin. At the time, he mentioned that the institution had liquidated its position in the privacy coin Zcash due to flaws in its Orchard privacy pool, which weakened the rationale for holding it; however, he chose to retain his position in WLD.
SpaceX's pre-launch pricing weakens.
Hayes also linked WLD's subsequent performance to Musk, saying he would wait for "Lord Elon" to drive prices upward. This statement mainly revolved around AI-related trading.
The report notes that SpaceX has recently been increasingly portrayed in the capital markets as an AI and connectivity services company, rather than just a rocket company. Therefore, a strong IPO could potentially boost broader trading sentiment in AI and technology assets.
However, SpaceX is not expected to begin trading on Nasdaq under the ticker symbol SPCX until June 12. Hayes cited pre-IPO pricing in the private market, not the official post-IPO share price. Hyperliquid data shows that related pre-IPO prices have fallen by more than 50% in recent days.
WLD's gains have narrowed over the past week.
Despite the significant pullback in the latest round, WLD has still accumulated a gain of about 70% over the past month. However, with the rapid price decline from Friday to Saturday, its gains over the past week have narrowed to about 45%.
Meanwhile, the broader crypto market was also under pressure. Bitcoin briefly fell to around $59,200 before recovering somewhat. This followed stronger-than-expected US jobs data, which prompted the market to re-priced in expectations of longer-term high interest rates, leading to a synchronized decline in US stocks, bonds, and crypto assets.
Additional information:Worldcoin is driven by Sam Altman, not by Elon Musk. Both are associated with different AI companies, and the market views WLD as one of the AI-concept tokens.
