Captured live on stage at Medici SG 25 and presented as a special episode, David and Sean sit down with Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, for a candid discussion on market structure, crypto cycles, and today’s allocation playbook.

Arthur breaks down Maelstrom’s multi-pronged investment approach, shares thoughts on Bitcoin, Ethereum, perps DEXs, and explains why liquidity drives everything. From market predictions to meme coins, Arthur offers a sharp take on where crypto is heading, and why number go up remains the ultimate marketing strategy.

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Key Points From This Episode:

[00:00:00 ] Teaser
[00:00:15 ] Show introduction
[00:01:01 ] Arthur introduces Maelstrom and their current investment focus
[00:02:07 ] Overview of Maelstrom’s advisory work and major positions
[00:03:38 ] Arthur’s macro and crypto market outlook centered on liquidity
[00:05:05 ] Why Arthur is long beta across assets—from Bitcoin to tech stocks
[00:06:00 ] The HYPE trade: valuation, token unlocks, and competitor dynamics
[00:08:35 ] Reflecting on BitMEX’s 2020 DDoS event and infrastructure evolution
[00:10:44 ] Institutional counterparty risk in CEXs vs. DEXs
[00:13:23 ] Arthur’s Bitcoin Core developer grants and philanthropy strategy
[00:14:12 ] Bitcoin year-end price predictions and speculative cycles
[00:15:39 ] Ethereum’s momentum, DeFi leadership, and possible flippening
[00:16:31 ] Thoughts on the meme coin cycle and token performance
[00:17:31 ] Arthur on adoption, speculation, and number-go-up culture
[00:19:24 ] Outlook on DATs and corporate finance games in crypto
[00:22:48 ] Evaluating the four-year crypto cycle and U.S. monetary policy
[00:25:22 ] Arthur critiques political influence on financial policy

Links:

The Medici Network: https://www.medici.network/ 

Podcast Site: https://levelup.medici.network/ 

Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham 

Co-Hosts

David Grider, Finality Capital - https://x.com/David_Grid

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell

Guests

Arthur Hayes, Maelstrom - https://x.com/CryptoHayes 

Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/