What to know:
- Arthur Hayes exited HYPE and NEAR, citing growing macroeconomic risks.
- Upcoming AI IPOs could divert liquidity away from cryptocurrency markets.
- Investors criticized Hayes after reversing bullish views within days.
BitMEX co-founder Arthur Hayes has sold his entire holdings of Hyperliquid’s HYPE token and Near Protocol’s NEAR, a move that surprised investors because he had recently praised both projects and predicted strong upside potential.
Hayes disclosed the sales in a post on X, where he outlined several macroeconomic concerns behind his decision. According to Hayes, rising energy costs linked to the conflict in the Middle East could weigh on risk assets in the coming months. He also pointed to inventory restocking trends, which may reduce liquidity available for speculative investments.
Additionally, Hayes believes several major artificial intelligence companies are preparing to go public before the end of the third quarter. According to him, those offerings could attract capital away from cryptocurrencies and into equity markets.
He also suggested that Donald Trump, the current President of the United States, may adopt a more critical stance toward artificial intelligence ahead of the November midterm elections. Hayes argued that such a shift could create challenges for projects that have closely aligned themselves with the AI sector. That concern appears particularly relevant for NEAR, which has increasingly marketed itself as an AI-focused blockchain ecosystem.
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Investors Question Hayes’ Sudden Change in Outlook
The latest announcement stands in contrast to comments Hayes made only days earlier. During an interview with The Rollup podcast published on May 25, he described Hyperliquid as one of the strongest projects in the market.
According to Hayes, Hyperliquid’s token model remains attractive because it avoids venture capital token sales and directs platform revenue back to token holders. He argued that few projects share a similar structure while generating comparable levels of revenue.
Moreover, Hayes praised the platform for allowing retail traders to access markets that traditional exchanges do not offer during weekends. He specifically highlighted products tied to traditional assets such as oil.
His outlook on NEAR was equally optimistic. Hayes stated that the protocol could potentially deliver a twenty-fold return because of its multichain capabilities and privacy-focused infrastructure. At the same time, he identified HYPE, NEAR, and ZCash as his preferred cryptocurrency picks, calling them the market’s “holy trinity.”
Consequently, the decision to exit both positions triggered criticism across social media. Several users accused Hayes of promoting the assets before selling them shortly afterward. Others questioned why his outlook changed so quickly despite his recent public endorsements.
Meanwhile, both cryptocurrencies recorded notable losses. Market data showed HYPE falling 8.3% over the past 24 hours to $66.44. NEAR experienced a steeper decline, dropping 17.8% to $2.34. Hayes said he plans to provide a more detailed explanation for the sales in an essay scheduled for publication on June 9.
What Hayes Sees Ahead for Markets
Despite taking profits on HYPE and NEAR, Hayes indicated that he still expects financial markets to perform well in the near term. He wrote that market highs could occur between now and September before macroeconomic pressures become more significant.
His latest move suggests that he is becoming increasingly cautious about liquidity conditions and sector-specific risks. While Hayes remains one of the industry’s most closely followed investors, his abrupt shift from bullish supporter to seller has added another layer of uncertainty for traders tracking HYPE and NEAR.
Hayes’ decision to sell HYPE and NEAR highlights how quickly market participants can adjust positions when broader economic risks emerge. The move has also intensified scrutiny of his recent bullish comments as investors await further details in his upcoming June 9 essay.
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