Arthur Hayes Exits Worldcoin Position Amid Market Volatility

Arthur Hayes' decision to sell his entire Worldcoin position has left some investors questioning the motivations behind his move. The BitMEX co-founder had previously publicly backed the cryptocurrency and set a $10 price target from his investment firm, Maelstrom. However, he claims that he simply sold to a willing buyer and achieved his trading objective.

The sale came just days after Hayes showed support for Worldcoin, which is tied to Sam Altman's digital-identity project. He had also outlined a $10 price target for the cryptocurrency, which saw its price drop by over 21% in the past 24 hours. On Stocktwits, retail sentiment around WLD stayed in the 'extremely bullish' zone, while chatter around it remained high.

ZachXBT questioned whether Hayes' public endorsements had encouraged followers to buy before his exit, accusing him of creating exit liquidity. However, Hayes pushed back on this criticism, saying that he had simply sold to a willing seller at a price and achieved his trading objective.