Arthur Hayes drops a bomb: early Anthropic IPO holders could see 83% dilution by June 2025 if AI stocks tank and credit tightens.

The real question? If dollar liquidity dries up in AI land, does it cascade into $BTC?

Maelstrom's play: sit on the sidelines for now. Smart money waiting for clarity before deploying capital.

Liquidity > narrative. Watch the credit markets.