Arthur Hayes, CIO of Maelstrom, publicly stated his investment in Monad ($MON) as the token reached new all-time highs. Hayes characterized the project as a "low float, high fully diluted valuation (FDV)" layer-1 blockchain, a structure he noted is typical for bull market plays. In his disclosure, he playfully referred to the asset as a "useless L1," highlighting the aggressive accumulation strategies prevalent in the current market environment regardless of fundamental utility debates. The token has recently reached all-time highs amid integration announcements from bridges like LI.FI. Alongside Hayes, other traders have reported acquiring large spot positions in Monad, actively discussing execution strategies across various platforms such as Kamino, Jupiter, and OKX. This chatter suggests increased attention and capital flow into major L1 tokens despite high valuations. [Update 1] Added details regarding Hayes' specific commentary calling it a "useless L1" and noted broader trader activity on platforms like Kamino and OKX.