Arthur Hayes, co-founder of BitMEX, warns of a potential crypto sell-off around Donald Trump's inauguration in January 2025, citing a disconnect between market expectations and the reality of policy implementation. His investment fund, Maelstrom, plans to reduce positions in anticipation of lower prices, predicting a significant market drop before a recovery later in the year. Despite optimism from other analysts about Trump's impact on Bitcoin, Hayes emphasizes the likelihood of a harsh market correction as investors adjust to the slower pace of policy changes.