Arthur Hayes, co-founder of BitMEX, has expressed strong skepticism regarding the Monad project, characterizing it as a "high fully diluted valuation (FDV), low float" setup. During an appearance on Altcoin Daily, Hayes argued that this structure is primarily designed to serve as an exit vehicle for insiders and that Monad cannot effectively compete with established networks like Ethereum or Solana in the current landscape. Despite his specific criticism of Monad, Hayes maintains a generally bullish outlook on the broader crypto market, emphasizing the potential of privacy technologies. He warns market participants about the potential downside risks associated with assets that have such skewed tokenomics, suggesting they may face significant selling pressure. [Update 1] Following Hayes' warnings, market data indicates that trading activity for Monad remains robust. Reports show Monad trading volume on Solana reached approximately $131 million in recent days. However, traders within the community have speculated that Hayes' public comments might have followed his own profit-taking activities, adding a layer of skepticism to the timing of his warning.