Crypto markets were caught off guard after Arthur Hayes sold all of his HYPE and NEAR holdings, despite recently expressing strong confidence in both assets just days before. The BitMEX Co-Founder revealed the move on X, citing a combination of macroeconomic risks, rising energy costs, major AI-driven market developments, and shifting political conditions.
The sale surprised investors because it came only days after Hayes publicly wagered $100,000 that Hyperliquid’s HYPE token would outperform every top-10 cryptocurrency by the end of the year. Having spent months promoting both HYPE and NEAR, Hayes had remained one of their most vocal supporters.
His sudden exit has now raised questions about whether the move was simply profit-taking or a sign of growing caution toward broader market conditions in the months ahead.
Hayes reveals complete exit
Hayes announced the sale directly to his followers on X, revealing that he had exited both his HYPE and NEAR positions. He said a detailed explanation would be published in an upcoming essay titled Reality Test.
Hayes offered an unusually direct TLDR — five bulleted reasons for the rotation that he intends to develop in his forthcoming essay:
- Higher energy prices driven by the Iran war and inventory restocking.
- Three “mega AI IPOs” expected between now and early Q3 2026 — likely a reference to the recently filed SpaceX S-1 (which discloses an Anthropic compute deal worth $1.25 billion per month), the long-anticipated OpenAI public-market listing, and Anthropic itself.
- A prediction that Trump pivots anti-AI to win the midterms for Republicans — a political-economy thesis Hayes has not previously articulated this directly.
- A view that market highs occur between now and September, with capital subsequently rotating.
- A stated preference to “take profit, and two-step in beefs without worrying about my positions” — Hayes’s signature framing for selling at strength and rotating into Bitcoin.
Hayes said he believes financial markets could reach a peak sometime between now and September, making it an appropriate time to lock in profits and reduce exposure to market volatility.
According to blockchain analytics platform Onchain Lens, Hayes sold 247,334 HYPE tokens valued at roughly $18 million. The platform also reported that he exited his NEAR position, although the size of that sale was not disclosed.
Sharp turn from recent bullish calls
The sale marks a sharp shift from Hayes’ stance just weeks ago. Last month, he referred to NEAR, HYPE, and Zcash as his “holy trinity” of altcoins, signaling strong confidence in all three assets.
His endorsement helped drive investor interest in NEAR. The token jumped about 30% in a single day and climbed to its highest level in six months, rising above $2.30. The rally also triggered a wave of short liquidations, wiping out more than $9 million in bearish positions.
Hayes was equally bullish on Hyperliquid. In April, he added 26,022 HYPE tokens worth around $1.1 million after staying on the sidelines for roughly three months.
At the time, blockchain tracking platform Lookonchain reported that Hayes held 247,334 HYPE tokens and was sitting on unrealized profits of more than $2.5 million. His decision to now exit the position has added to speculation about how he views the market outlook in the months ahead.
The $100,000 HYPE Challenge
Only days before exiting, Hayes challenged Multicoin Capital Founder Kyle Samani to a charitable bet. “Hey @KyleSamani maybe you were busy last time I pinged you. Let’s do a gentleman’s charitable bet. I put $100k on the line to a charity of your choice that $HYPE outperforms any other current top ten crypto in USD terms from now until year end. Who is your champion?”
Samani accepted the challenge and selected Solana. Notably, Hayes has not abandoned his long-term thesis on Hyperliquid. He previously set a $150 price target for August 2026 and argued that the protocol’s revenue model remains unmatched.
In a March essay, he wrote, “Right now, focus your attention on Hyperliquid (token: $HYPE).” He also argued that Hyperliquid generates industry-leading revenue and uses 97% of that income to buy back HYPE tokens.
Consequently, his latest move appears less connected to HYPE or NEAR fundamentals and more tied to his broader market outlook. Whether the sale marks a temporary retreat or the start of a larger defensive strategy will likely become clearer when his upcoming “Reality Test” essay arrives next week.
Also Read: Bloodbath for Altcoins: SOL, ZEC, HYPE Price Down Over 10% as Bitcoin Tests 2026 Lows
