BitMEX co-founder Arthur Hayes said U.S. President Donald Trump no longer has the power to move Bitcoin prices as he once did. In an interview with Cointelegraph, Hayes described Trump as a highly entertaining politician but said crypto markets now respond to actual liquidity (the availability of trading capital) rather than political issues. Presidential remarks, he said, no longer shake crypto order books (lists of buy and sell orders) to the same extent. The discussion also examined market share risks linked to Hyperliquid (HYPE), the possibility that exchanges other than BitMEX could shut down, Hayes' new project FLOP, and the outlook for political and celebrity memecoins (tokens often built around public figures or cultural trends).