Arthur Hayes isn't calling a $BTC top — he's calling a liquidity problem.

His read: AI is sucking up all the capital. When Anthropic and OpenAI IPO, even more money flows out of risk assets. That's why he dumped $HYPE $NEAR $WLD.

The real risk isn't crypto fundamentals. It's that if AI implodes, we're collateral damage.

Liquidity drives everything. And right now, it's not flowing our way.