Summary:

BitMEX co-founder Arthur Hayes has exited his entire HYPE and NEAR positions.
Hayes said it was "time to take profit" and plans to explain his reasoning in an upcoming essay titled Reality Test.
He cited rising energy prices, upcoming AI IPOs, and political risks as reasons for caution.
Blockchain data suggests Hayes sold roughly $18 million worth of HYPE alongside an undisclosed amount of NEAR.
The move surprised many traders because Hayes had previously issued highly bullish targets for both tokens.

Arthur Hayes, one of crypto's most closely watched market commentators, has sold his entire positions in Hyperliquid (HYPE) and Near Protocol (NEAR), marking a major shift from the bullish outlook he had previously shared on both assets. The BitMEX co-founder revealed the decision in a post on X, where he announced that he had fully exited both positions and would provide a detailed explanation in an upcoming essay titled Reality Test.

"I just dumped my entire $HYPE and $NEAR position, I will explain why in my essay "Reality Test" dropping next Tuesday." Hayes added "time to take profit." Source

The announcement quickly caught the attention of traders because it directly contrasts with his earlier outlook. Over recent months, Hayes had repeatedly expressed confidence in both projects. He previously suggested that Hyperliquid's HYPE token could reach $150 by August, while NEAR could potentially deliver a 20-fold return by 2027. The sudden reversal raised immediate questions about whether Hayes sees broader risks forming across crypto markets. While he did not publish the full reasoning behind the sales, he outlined several themes that influenced his decision. In his post, Hayes pointed to rising energy costs linked to the conflict involving Iran, ongoing inventory restocking across industries, and the possibility that several large artificial intelligence companies could soon enter public markets. He also suggested that political developments in the United States could become a factor. Hayes believes higher energy prices, a wave of major AI public offerings, and potential shifts in US political attitudes toward artificial intelligence could create headwinds for financial markets. He also indicated that he expects markets to reach a peak sometime between now and September before conditions become more challenging. The timing of the move is particularly notable because Hayes remains one of the strongest long-term supporters of digital assets. His decision appears less like a rejection of crypto itself and more like a tactical shift aimed at protecting gains after a strong rally.

Blockchain Data Reveals Multi-Million-Dollar HYPE Sale

Shortly after Hayes made his announcement, blockchain analytics platform Onchain Lens reported that wallet activity linked to the investor showed significant selling activity. According to the platform:

"Arthur Hayes (@CryptoHayes) has dumped 247,334 $HYPE ($18.02M) and an unknown amount of $NEAR." Source

The report noted that the transactions occurred only days after Hayes publicly challenged Multicoin Capital co-founder Kyle Samani to a $100,000 charity bet regarding Hyperliquid's future performance. The timing added another layer of intrigue to the sale. Despite selling his position, Hayes had recently argued that HYPE could outperform every cryptocurrency currently ranked in the top ten by market capitalization before the end of 2026. That prediction made his decision to exit particularly surprising.

HYPE fell approximately 8.4% over a 24-hour period, while NEAR declined around 18% during the same timeframe. Although crypto markets were already experiencing broader volatility, Hayes' announcement added to bearish sentiment surrounding both tokens. The reaction highlights the influence certain industry figures continue to have over market psychology. While investors ultimately make their own decisions, comments from high-profile traders often shape short-term narratives, particularly during uncertain periods. For HYPE, the sale comes at a time when the project has attracted growing attention due to its expanding derivatives ecosystem and increasing trading activity. NEAR, meanwhile, continues positioning itself around artificial intelligence infrastructure and scalable blockchain development. Neither project has announced any fundamental changes tied to Hayes' decision. The selling appears to be based primarily on his broader market outlook rather than concerns specific to either protocol.

Why Hayes Thinks AI IPOs Could Become Crypto's Next Challenge

According to Hayes, one of the biggest risks facing crypto markets over the next several months is a potential wave of large artificial intelligence initial public offerings. For years, crypto has competed with traditional markets for investor attention and capital. Hayes appears to believe that some of the world's most anticipated AI listings could temporarily shift liquidity away from digital assets. Among the companies reportedly preparing for public offerings are OpenAI, Anthropic, and Elon Musk's SpaceX. OpenAI, the company behind ChatGPT, has reportedly been exploring plans for a public listing. Reuters reported in May that the company could move toward an IPO as early as September if preparations continue on schedule. SpaceX has also generated significant speculation in financial markets. Reports indicate that the company has been taking steps associated with a future public offering, fueling expectations that one of the world's most valuable private firms could soon become available to public investors.

Anthropic, another major artificial intelligence developer backed by leading technology firms, is frequently mentioned as a potential IPO candidate as investor demand for AI exposure continues to grow. From Hayes' perspective, these listings could attract enormous amounts of capital. Historically, major IPO cycles have often drawn money away from other speculative sectors as investors reposition portfolios to participate in highly anticipated public offerings. If several AI giants enter public markets within a relatively short period, the competition for investment capital could become significant. At the same time, Hayes highlighted rising energy costs as another factor worth watching. Energy prices influence everything from inflation expectations to corporate profitability and broader market sentiment. Combined with election-related uncertainty in the United States, he appears to see multiple forces converging during the second half of 2026. Whether that outlook proves correct remains to be seen. Crypto markets have repeatedly demonstrated an ability to attract capital even during periods of intense competition from traditional finance. However, Hayes' comments underscore a growing conversation among investors about how the AI sector may increasingly compete with crypto for attention, liquidity, and risk capital.

For now, one thing is clear that after publicly championing both HYPE and NEAR, Arthur Hayes has decided to step aside and lock in profits. The market will now be watching closely for his upcoming essay, where he is expected to explain in greater detail why he believes caution is warranted ahead of what could be a pivotal few months for both crypto and technology markets.