Bitcoin briefly fell below $80,000 over the weekend, touching $79,280 before recovering. The move followed further declines after a stock selloff linked to concerns over fundraising in the AI industry. Liquidations totalled $436.4 million over four hours, with long positions accounting for $404.2 million. U.S. spot bitcoin ETFs saw $635 million in net outflows on Oct. 22. Separately, Arthur Hayes said he closed directional positions for Maelstrom.

Arthur Hayes (아서 헤이즈) said excessive investment in AI infrastructure could lead to a downturn and subsequent liquidity injections, which he expects cryptocurrencies to benefit from the most. Speaking in Singapore, he said trillions of dollars are being wasted on AI data centres and warned that new capacity could result in oversupply. He projected major new data centres would come online in late 2027 to 2028, potentially depressing the market.