Overview
- Arthur Hayes, Maelstrom’s chief investment officer, disclosed on June 6 that he sold the fund’s entire Worldcoin (WLD) position and posted a message saying “Dumped $WLD. I’m out.”
- Worldcoin’s price fell sharply after the disclosure with reported drops ranging from about 10% to more than 25% as selling accelerated following Hayes’s post.
- Hayes had moved from publicly defending WLD to rapid risk reduction this week and had already liquidated HYPE, NEAR and ZEC, the latter sold after a disclosed flaw in Zcash’s Orchard shielded pool.
- Technical traders are watching a key support band near $0.35 that, if breached, could open a deeper retest toward roughly $0.23 while dense liquidation clusters sit between about $0.45 and $0.60.
- The episode highlights how high‑profile, public trades and narrative proxy bets — where traders use WLD as a liquid stand‑in for AI or pre‑listing SpaceX exposure — can create fast, large moves when sentiment shifts.