The outspoken BitMEX co-founder is repositioning his portfolio away from pure crypto toward due to a credit shock.
A prominent crypto analyst has dissected Arthur Hayes’ latest portfolio reveal, arguing that the BitMEX co-founder is quietly positioning for a credit shock that could rattle risk assets before the next major crypto rally.
While Bitcoin slides and traditional markets strain, Hayes has shifted the bulk of his capital into hard assets and “merchants of death” — a move the analyst says most investors are underestimating.
Arthur Hayes’ Portfolio: From Crypto Mogul To Hard-Asset Hawk
In a recent post cited in the video, Hayes listed his current holdings: “stocks, gold, silver, copper, uranium miners, oil majors, merchants of death, Latin American energy names, and crypto, BTC, ETH, ZEC and hype. And physical gold.”
For someone who built his reputation on crypto derivatives, the striking detail is not that he still owns Bitcoin and Ethereum, but that his portfolio is now “tilted toward hard assets, commodities and companies that profit from inflation and geopolitical tension,” as the analyst puts it. Hayes has not exited crypto; he has built a substantial hedge around it.
The shift is rooted in his latest essay, “This Is Fine” where he frames Bitcoin’s current slump as an early-warning signal of a looming dollar liquidity and credit event. In his view, Bitcoin sells off first, the Federal Reserve eventually is forced to print, and that is when the rapid recovery begins — similar to the 2020 crash and 2021 bull run.
Credit Shock, Gold Divergence & a Split Among BTC’s Heavyweights
Hayes highlighted research from Century Research modeling a “2028 global intelligence crisis,” involving mass job losses, consumer credit collapse, mortgage defaults and a 38% S&P 500 draw-down. Gold’s surge while Bitcoin falls, he argues, signals “a deflationary risk-off credit event within Pax Americana is brewing.”
Others in the video echo parts of that view with different emphasis. Strike CEO Jack Mallers, quoted by the analyst, says Bitcoin is currently “behaving like a tech stock” but expects it to be “the best performing thing” once money printing resumes after what he sees as one to two volatile quarters and a possible crisis.
On the other side, Michael Saylor is doubling down rather than hedging. According to the video, MicroStrategy bought another 592 BTC this week at around $67,286, bringing its holdings to roughly 717,000 BTC at an average cost of about $76,000 — underwater, but still framed by Saylor as an “Orange Century” bet on the next hundred years.
Crypto Whales Sell, “Sharks” Buy, But The Charts Point To $50K Risk
Further on, No BS Crypto notes that Ethereum’s creator, Vitalik Buterin, has sold over 10,700 ETH this month (around $21 million), which he has said will fund open-source security and privacy projects. Regardless of intent, the optics of the founder selling into weakness have unsettled some holders.
On-chain, Bitcoin behavior looks split. Around 900,000 BTC — roughly $60 billion — have reportedly moved from crypto whales to exchanges since January 2025, with about 64% of exchange inflows coming from large holders.
The analyst cites Willy Woo’s thesis that some long-term “OG” holders may be reacting to perceived quantum-computing risks to older, potentially vulnerable coins. At the same time, mid-sized entities holding 500-1,000 BTC (“sharks”) are said to be buying enough to absorb about 218% of annual Bitcoin issuance — the highest such absorption rate on record.
Technically, the analyst warns that a bear pennant on Bitcoin mirrors the 2022 structure that preceded a 41% drop from $29,000 to around $17,500. This time, the pattern projects a smaller, roughly 24% decline from the breakdown area, implying a move towards $50,000.
A veteran trader, Peter Brandt, is quoted as suggesting that a “banana peel” support zone could lie not far south of $42,000, though that level has not yet been reached.
From the banking side, Standard Chartered’s head of digital assets is cited as expecting “more pain and a final capitulation period” in the coming months, with the macro backdrop likely remaining unsupportive until closer to a change at the Federal Reserve, and Bitcoin potentially revisiting $50,000.
Short-Term Hedging vs. Long-Term Bitcoin Maxi Conviction
The analyst argues that Hayes and Saylor are not actually making opposite bets so much as operating on different timelines.
Arthur Hayes keeps core Bitcoin and Ethereum exposure but surrounds it with gold miners, oil majors, defense and other commodity-linked names as a short-term shield against a credit shock over the next 6-12 months.
Michael Saylor is effectively ignoring that window and targeting the next decade or more.
For investors, the message is less about choosing a side and more about recognizing that prominent crypto figures are preparing for turbulence rather than assuming a straight line higher.
The analyst says he has already rotated out of weaker altcoins into Bitcoin and even copper, following a similar logic: maintain upside exposure, but respect the risk of a deeper macro-driven draw-down.
With whales selling, mid-tier buyers stepping in, and a technical setup that still leaves room to $50,000 on the downside, the debate isn’t whether Bitcoin survives, but how rough the path gets before central banks blink.
Delve into DailyCoin’s latest crypto news today:
Shiba Inu Flags Copycat Scams After Rolling Out SOU
Is SWIFT Putting XRP On? Lunch Behind Closed Doors
