PANews reported on June 9th that BitMEX co-founder Arthur Hayes published an article titled "Reality Test," in which he systematically elaborated on his bearish views regarding the bursting of the AI ​​bubble and the subsequent trend of the crypto market. Hayes believes that the conflict between the US and Iran has led to rising oil prices, which in turn has pushed up energy costs, ultimately harming the profit margins of AI companies and suppressing their growth expectations. He points out that the upcoming IPOs of the three major AI giants—SpaceX, Anthropic, and OpenAI—are overvalued, and the market cannot absorb such a massive supply, which will be one of the key factors in bursting the AI ​​bubble. In addition, in order to address voters' dissatisfaction with inflation, Trump may adopt anti-AI rhetoric and policy stances in an election year, which will trigger market turmoil.

Based on this assessment, Hayes revealed that his fund, Maelstrom, has liquidated its positions in HYPE, NEAR, WLD, and ZEC. He stated that he will continue to hold Bitcoin and Ethereum, believing that Ethereum lacks dynamism but remains usable, while also establishing tactical short positions through derivatives to meet trading needs. Hayes believes that Bitcoin will decline in the short term due to the AI ​​bubble, but will ultimately benefit from the post-crisis liquidity easing and rise.