According to CoinMeta, maelstrom co-founder Arthur Hayes stated in an interview with The Rollup that the performance of Bitcoin as a scarce asset and the quality of on-chain services depend on the purchase price, market capitalization, and the risks that investors are willing to undertake regarding the protocol and smart contracts. He gave an example that tokens with a market capitalization of less than 1 billion and that have seen a revaluation due to the demand from AI and agent may experience higher gains than Bitcoin. Speaking of his own investment portfolio, he mentioned that the fund holds a large position in Bitcoin, with other assets being relatively insignificant. Even if he holds a large amount of ETH or other tokens, he would still buy more Bitcoin after realizing profits. The core goal of the fund is to earn profits from trading other assets and then increase its holdings in Bitcoin. It is worth noting that Arthur Hayes has a lower historical accuracy rate in market predictions and often adjusts his views, so it is recommended to focus on his analytical framework rather than his specific price and time forecasts.