Arthur Hayes Exits HYPE and NEAR Positions, Citing Iran War and AI IPO Pipeline
BitMEX co-founder Arthur Hayes sold his full Hyperliquid (HYPE) and NEAR Protocol holdings on June 4, citing energy prices, AI IPOs and a possible Trump pivot against AI. HYPE still rose about 16% over the week, and Hyperliquid Strategies reported buying roughly $95 million of HYPE over the same seven days.
Written by CoinArticle’s AI Newsroom · from 4 cited sources. How we work
Story Updates
- Updated Nov 2, 2026, 01:02 AM: NewsBTC adds Hayes's full five-point rationale, the $56-$60 technical setup, and his Maelstrom role; sizing still undisclosed.
- Updated Nov 2, 2026, 01:01 AM: Adds CryptoPotato reporting: HYPE's 10% daily drop, weekly gain, and Hyperliquid Strategies' $95M buying.
What Hayes Did and Said
BitMEX co-founder Arthur Hayes sold his entire Hyperliquid (HYPE) and NEAR Protocol positions on June 4, according to The Defiant. Hayes announced the exit on X and said he would explain his reasoning in an essay titled "Reality Test," expected to be published on Tuesday, June 9. Neither the initial reports nor Hayes's post disclose transaction sizes or dollar values for either position.
Hayes is now also identified as Chief Investment Officer of Maelstrom, according to NewsBTC's reporting of his post. He had previously named HYPE as one of his two largest positions outside Bitcoin, alongside ZCash, with a stated price target of $150 by August 2026, per reporting of his Consensus Miami remarks. The exit therefore reverses two of his most publicly stated high-conviction long calls.
In a five-point summary on X, Hayes cited higher energy prices tied to the ongoing war in Iran and inventory restocking; a pipeline of three large AI-related initial public offerings expected between now and early Q3; a prediction that President Donald Trump will pivot against the AI sector before the midterm elections; a view that markets across asset classes will peak between now and September; and a personal wish to take profit and step away from open positions. The first four are macro and sector arguments, while the fifth is personal.
Market Reaction and Counter-Flows
HYPE traded slightly above $65 at the time of CryptoPotato's reporting, down about 10% over the prior 24 hours. NewsBTC noted that HYPE had already surged roughly 55% in a week to above $56 before analyst Ali Martinez flagged an overheated setup at the $59-$60 resistance zone, an area Hayes appears to have used as his exit window. The timing drew attention because Hayes had recently been bullish, leading some traders to ask whether he had changed his view or was taking profits.
The price picture remains mixed. HYPE is still up about 16% on the week, making it the best performer among the top 10 cryptocurrencies by market cap and the only one posting a weekly gain. Hyperliquid Strategies, a publicly traded treasury vehicle, announced it bought another 1.4 million HYPE, worth roughly $95 million, over the past seven days, funded partly by a $15.5 million drawdown of its cash. The firm now holds about 23.7 million HYPE and $141.7 million in cash, and CryptoPotato notes its stock trades at 1.29 times net asset value, a level that allows it to issue more shares and buy more HYPE.
Where the Sources Diverge
The reports differ in emphasis. The Defiant ties the decision to a dated announcement and names the three main drivers. NewsBTC gives the fullest account of Hayes's five-point list and of the technical setup. 99Bitcoins focuses more on what the sale means for investors and gives the stated reasoning less weight. CryptoPotato adds short-term price context and the Hyperliquid Strategies buying. None of the reports provide on-chain confirmation of the transactions, so the timing and completeness of the exit still rest on reporting and Hayes's own statements rather than verified wallet activity.
Context and What Comes Next
Hayes's remarks link the decision to macro and sector conditions rather than to any specific project event. The June 9 essay is the next point at which his reasoning is expected to be fully stated. Until then, the explanation should be read as Hayes's own account and not as an established assessment of either protocol's fundamentals.
Why It Matters
For Traders
A prominent full exit may add near-term selling attention to HYPE and NEAR, but sale size is undisclosed and HYPE's weekly gain and treasury buying cut the other way.
For Investors
Hayes's stated drivers are macro, energy and AI-sector factors, so the decision reflects his outlook more than either protocol's standing.
For Builders
Teams on Hyperliquid or NEAR should note the sale but avoid changing roadmaps, since it was attributed to macro views rather than protocol events.
This article is for information only and is not financial advice. Read the full disclaimer.
