Arthur Hayes Still Holds Worldcoin After Crash: What Would Make Him Sell?

Arthur Hayes cleared his "holy trinity" of $HYPE, $NEAR, and $ZEC as the market fell, but he is still sitting on Worldcoin ($WLD) and openly calling for it to climb. On-chain cohort data shows why the one he kept stands apart, and what would signal he is ready to part with it too. The three he sold all lined up with where big money was already heading. Worldcoin is the one place where positioning still points the other way, which is the question worth watching.

Worldcoin Price Surged 80% in a Week Despite the Wider Crypto Market Crash. Source: CoinGecko

What Arthur Hayes Sold, and What He Kept

Hayes, the BitMEX co-founder, announced on June 4 that he sold his entire $HYPE and $NEAR positions, promising a fuller explanation in an essay called "Reality Test." He cited higher energy prices from the Iran war, a wave of AI initial public offerings, and an expected market top between now and September.

I just dumped my entire $HYPE and $NEAR position, I will explain why in my essay "Reality Test" dropping next Tuesday. TLDR: – Higher energy prices due to Iran war and inventory restocking – 3 Mega AI IPOs between now and early Q3 – Prediction that Trump goes anti-AI to win… — Arthur Hayes (@CryptoHayes) June 4, 2026

A day later, he exited $ZEC as well, after a critical bug surfaced in Zcash's Orchard shielded pool. He framed that move as conditional, saying he would re-evaluate and could rebuy at lower prices if his assumptions proved wrong.

The Holy Trinity is dead. Sadly due to the Orchard Pool exploit, I had to dump our entire $ZEC bag. – While I think it's extremely unlikely of any minting, it cannot be formally cryptographically proved impossible – The privacy from AI, govt, big tech narrative demands perfection… — Arthur Hayes (@CryptoHayes) June 5, 2026

Worldcoin is the holding he kept. Hayes said he is holding $WLD through the coming SpaceX listing, which his fund treats as a high-beta proxy for the AI IPO wave.

The SpaceX IPO is going to melt people's faces off. Holding the $WLD through the listing next week. — Arthur Hayes (@CryptoHayes) June 4, 2026

That leaves one question. If he sold the other three into the crash, what is keeping him in Worldcoin, and what would change his mind?

The Coins He Sold Were Already Being Distributed

For each token Hayes exited, large-holder positioning was already turning down, so his stated sales moved with the broader money rather than against it.

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On $NEAR, perpetual whales are heavily net short and sitting on profit, while exchange inflows point to distribution.

$NEAR Positioning: Nansen Data

The token's smart money index, an indicator highlighting the positioning of informed traders like Hayes, has rolled over since early June as the price fell from above $3.08. That closely aligns with his selling timing.

$NEAR Smart Money Dips: TradingView

$HYPE shows the same tilt with more tension. Hyperliquid whales are net short by about $53 million while smart traders and public figures stay long.

$HYPE Smart Money Dips: TradingView

Yet, exchange inflows ran 2.5 times above average, a distribution signal, and its smart money index turned lower from the $75 zone.

$HYPE Cohorts Matching Hayes' Move: Nansen Data

Zcash is the one split case. Hayes sold after the Orchard bug and $ZEC's smart money count fell about 4% in 24 hours, moving with him, yet the whale cohort rose about 11% and top-100 addresses grew over 24%, suggesting larger holders bought the crash.

Zcash Holder Cohorts: Nansen

On $ZEC, he moved with smart money but against the whales, which fits his own hedge that he could rebuy.

Why Hayes Is Still Holding Worldcoin

Worldcoin reverses that pattern. Where the three he sold showed distribution, $WLD positioning still supports holding, which lines up with his bullish stance. On Hyperliquid, every $WLD cohort is net long. Public figures, whales, and smart traders all hold long positions, unlike