Arthur Hayes, BitMEX co-founder and Maelstrom chief investment officer, argues that future share issuance by SpaceX, Anthropic and OpenAI could absorb dollar liquidity and weigh on Bitcoin and the broader crypto market in the short term. He estimates that SpaceX could face roughly 50% additional dilution before June 2027, with about 8.6 billion shares set to unlock, while Anthropic’s early investors could experience dilution of as much as 83%. The resulting slowdown in equity valuations could raise borrowing costs for data center operators and chipmakers and constrain bank balance-sheet growth, reducing the amount of dollars circulating through the economy. Hayes nevertheless anticipates a potential Bitcoin rally if the sector’s credit stress develops into a crisis that prompts intervention by central banks and governments. Maelstrom therefore remained on the sidelines as of November 5, 2026, waiting for clearer signs of improving liquidity.
Source: Read the original article
