Worldcoin fell about 20% on June 6 after Arthur Hayes sold his entire WLD position, a day after saying he would keep holding. The exit completes his liquidation of all three "holy trinity" altcoin bets. On-chain data had shown every WLD cohort net long before the sudden reversal.
Worldcoin fell about 20% on June 6 after BitMEX co-founder Arthur Hayes sold his entire WLD position, a day after publicly stating he would keep holding the token.
Hayes cited a falling chart of SpaceX stock, which is not scheduled to begin trading until June 12, as the rationale for the sale, according to a post on X.
The move completes Hayes' exit from his self-described "holy trinity" of altcoin bets. He sold HYPE and NEAR on June 4, citing higher energy prices from the Iran conflict and a wave of AI initial public offerings, and exited ZEC on June 5 after a critical bug was disclosed in Zcash's Orchard shielded pool that could have allowed counterfeit tokens to be minted undetected for nearly four years.
The reversal is notable because on-chain data from Hyperliquid had shown every WLD cohort — public figures, whales, and smart traders — holding net long positions as recently as June 5, with whale-held supply off exchanges ticking up. That positioning had supported Hayes' stated conviction just days earlier. The sudden exit, paired with a rationale tied to a stock that has not yet begun trading, raises questions about the durability of conviction-based positioning in the token market.
Hayes had framed Worldcoin as a high-beta proxy for the AI IPO wave, including the upcoming SpaceX listing, which his fund Maelstrom treats as a bellwether for the sector. With that thesis now abandoned and the token down roughly a fifth in a single session, the question for remaining holders is whether the selloff triggers a broader unwind of the long positioning that had made WLD an outlier among Hayes' portfolio.
This article is for informational purposes only and does not constitute investment advice.
