Arthur Hayes Says Market Must Climb ‘Wall of Worry’ at Start of Major Bull Run
JH Kim
Summary
- Arthur Hayes said the market must overcome a range of risk factors at the start of a major bull run.
- He said investor concerns can persist even as a bull run begins, and that the market must climb the 'Wall of Worry.'
- Hayes identified concerns tied to artificial intelligence (AI) and cryptographic technology as key market risks for 2026, describing them as a hallmark of the early stage of a major bull run.
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Arthur Hayes, co-founder of BitMEX, said the market must overcome a range of risk factors at the start of a major bull run.
Cointelegraph reported on October 9 that investor anxiety can persist even as a bull run begins, with Hayes saying the market must climb the so-called “Wall of Worry.”
He identified concerns surrounding artificial intelligence and cryptographic technology as one of the market’s main sources of unease in 2026.
Hayes described the presence of such concerns as a hallmark of the early stage of a major bull run.

JH Kim
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