You think he's just bearish? Wrong, he's already sold everything off.

Wu said the blockchain explosion: Arthur Hayes's Maelstrom fund has liquidated HYPE, NEAR, WLD, ZEC. Only BTC and ETH remain in his hands, and he may have already opened derivative short positions.

And then? The three straw that broke the market in his previous article "Reality Test"—

Oil prices surged

AI super IPO drained liquidity

Trump's anti-AI regulation

One by one, all came true.

The NASDAQ dropped over 3.5 overnight, BTC fell below 61k. Hayes's predictions seem like they came from the future.

But the community exploded. ZachXBT previously accused him of "serially liquidating to cut fans." What does that mean?

It means he first publicly calls a short, writes a long analysis of macro risks, creating panic. Fans see that the big shot is bearish, so they rush to sell. Meanwhile, he quietly liquidates altcoins, and may even reverse and open shorts.

This is called "using narrative to serve positions."

"The highest level of a prophet is not predicting the market accurately, but predicting that you will believe his prediction, and then he profits from you."

Think about it, if he was really just bearish, why not just say in his article, "I've already liquidated"? Why not tell fans, "I'm shorting"?

Because once he does, you won't believe him. You'll think: oh, he's just shorting for his own positions.

So he only provides logic, not positions. The stronger the logic, the more people believe, and the market follows his script — then he profits more from his positions.

This is called a "self-fulfilling prophecy," also known as "legitimate manipulation."

So is he truly a macro genius, or a top-tier scythe?

The answer is: both are not contradictory.

His triple pressure theory indeed withstands scrutiny: the US-Iran conflict pushing up oil prices, the AI bubble burst by SemiAnalysis report, Trump's shift in attitude toward AI — none of these are fabricated. He just tells the right ghost stories to the right people at the right time.

But the problem is, after telling the story, the first to run is himself.

If he's truly a long-term bear, why still hold BTC and ETH? Why not liquidate everything? Because he knows only these two will survive in the end. Altcoins are just used to throw to fans before the narrative collapses.

"He uses macro analysis to gain fame, profits from derivative shorts in USD, and takes in fans' panic to buy altcoins — earning from three angles."

So what should retail investors do?

First, stop blindly trusting any KOL's "pure logic." Every long article might have positions behind it. You can listen to his analysis, but don't blindly follow his conclusions to operate.

Second, Hayes kept BTC and ETH, liquidated altcoins — this move alone is more worth referencing than any of his articles.

"When a big shot starts frequently releasing macro analysis, first check if his wallet address has moved." #Gate直通IPO认购SpaceX #Strategy低位加仓1550枚BTC #美股AI概念股普涨 $BTC $ETH $SOL