Arthur Hayes: I bet that Bitcoin will surpass $110,000 before retracing to $76,500

On May 20th, CNBC released its 2026 Disruptor 50 list, with Anthropic taking the top spot and OpenAI landing at No. 2. Crypto-focused companies featured on the roster include Ripple at No.16, crypto-friendly bank Revolut at No.29, prediction market platform Kalshi at No.43, and Polymarket at No.48. The CNBC Disruptor 50 initiative identifies the globe’s 50 most disruptive private startups and scale-ups—firms that have not yet gone public—challenging legacy industries and building new business models through innovative technologies.

May 20 Flash Update: Per Hyperinsight Monitoring (t.me/HyperInsight), BTC extended its decline over the past week, while HYPE rallied against the trend. The HYPE/BTC exchange rate hit a new all-time high of 0.03628. A prominent whale address on Hyperliquid has held large parallel long HYPE and short BTC positions for over a month, structured to bet on HYPE/BTC rate upside. Total position size: ~$43.28 million. Current performance breakdown: - 20x Leveraged BTC Short: $19.33M size, Unrealized Loss: $1.24M (-127%) - 10x Leveraged HYPE Long: $23.95M size, Unrealized Gain: $4.4M (+183%) Net unrealized gain after hedging: $3.16M. The sustained outperformance of HYPE versus BTC is driving this position’s profitability. Whale Address: 0xa9b95f2a2e7ef219021efc5c04c32761b8553bbd Additional: The HyperInsight Bot is now live. Add @HyperInsightBot to your community, grant admin rights (enable message sending permission) to auto-sync on-chain data.

May 20th – The latest market intelligence report from Wintermute, an institutional digital asset trading firm, reveals global financial markets are undergoing a large-scale macroeconomic repricing. The market narrative has shifted from debating rate-cut timelines to preparing for potential rate hikes, a structural shift sparked by better-than-expected economic data and renewed inflationary pressures that has weighed heavily on digital assets. The report points out that Bitcoin briefly topped $83,000 before a sharp pullback, erasing most of those gains in a week, while major altcoins posted double-digit percentage declines. Global wealth managers are actively de-risking amid macro uncertainties, underscoring the fragility of digital asset growth. On-chain transaction metrics show the earlier price surge wasn’t driven by genuine spot market demand or organic retail accumulation—it was mainly a short-squeeze rally in the perpetual futures market. Total open interest for Bitcoin derivati

May 20th: Analyst Murphy (@Murphychen888) posted on social media that Bitcoin posted five straight days of declines between May 15 and 19, shifting market sentiment from earlier fears of a potential long squeeze. Some investors now expect the token could fall back to the $40,000–$50,000 range. However, Bitcoin’s on-chain chip structure tells a different story about large funds’ attitudes. Per May 15 data, $66,000 and $78,000 are the two most concentrated turnover price levels—clear entry points for big funds. Notably, the $80,000 to $82,000 chip column is relatively thin: even though Bitcoin held in this range for nearly a week, turnover remained low, signaling funds grew cautious once the price crossed above $80k. By May 19, as the price slid, the $78k chip column didn’t decrease—it actually expanded. The most dramatic shift came at the $76k level: when Bitcoin first broke through this mark, there were roughly 200,000 chips at that price point, but when the price dipped back to $76k

May 20: Digital asset custody firm BitGo Holdings increased its Bitcoin (BTC) holdings by 776 coins in the first quarter, bringing its total reserves to 2,449 BTC. This places BitGo at the 31st position on the Bitcoin Treasury Reserve List, according to data from BitcoinTreasuries.NET.

On May 20th, on-chain analyst Ai (@ai_9684xtpa) reported that a crypto whale has been shorting 375,000 HYPE tokens since May 15th. This trader currently holds the sixth-largest short position in HYPE, with a total position size of $18.19 million and an entry price of $43.298 per HYPE token. As of the latest on-chain data, the short position is facing an unrealized loss of $1.989 million.