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Highlight Clip Arthur Hayes: Most Tokens Fall Because Projects Pocket Protocol Revenue On May 23, 2026, BitMEX co-founder Arthur Hayes stat…

Highlight Clip Arthur Hayes: Most Tokens Fall Because Projects Pocket Protocol Revenue On May 23, 2026, BitMEX co-founder Arthur Hayes stated on the What Bitcoin Did podcast that most crypto projects fail to return the economic value created at the protocol level to token holders. He believes early venture capitalists inevitably dump tokens on the market to maximize profits and fulfill fiduciary duties, leading to a continuous decline in token prices. Using Hyperliquid's revenue buyback mechanism as an example, he expressed that current crypto investors have matured and no longer buy into simple white papers or early investor lineups, focusing instead on the actual cash flows token holders can obtain.

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