BitMEX co-founder Arthur Hayes says the next major Bitcoin (CRYPTO: BTC) rally could come from an unlikely source, an eventual unwind of the artificial intelligence trade.
AI Absorbed Speculative Capital
In a Bankless interview on June 22, Hayes revealed he has reduced exposure to several high-performing tokens, including Hyperliquid, Near and Zcash (CRYPTO: ZEC), after reassessing risk-reward in the AI-led market environment.
Hayes stated he remains "very long Bitcoin as always," but has parked some capital in Treasury bills while waiting for more asymmetric opportunities.
He argued that AI has absorbed the marginal dollar of speculative capital this cycle, limiting upside for Bitcoin and Ethereum (CRYPTO: ETH).
