BitMEX co-founder Arthur Hayes announced he sold his entire holdings of HYPE and NEAR cryptocurrencies. Hayes cited higher energy prices, inventory restocking, upcoming AI IPOs, and potential anti-AI rhetoric from former President Donald Trump as reasons for his caution. His sale coincided with a price drop for HYPE, though the asset remains a top weekly performer.
BitMEX co-founder Arthur Hayes stated on X that he had sold his entire positions in HYPE and NEAR. He mentioned he will explain his decision in an upcoming essay titled “Reality Test.”
Hayes pointed to several factors for his increased caution. These included higher energy prices from geopolitical conflict and companies rebuilding inventories.
He also cited three major AI IPOs scheduled before early Q3. Hayes predicted former President Donald Trump might adopt anti-AI rhetoric before midterm elections.
In simple terms, Hayes appears to warn the market could be near a local top. This potential peak is projected between now and September.
Hayes’ announcement came during a difficult day for HYPE’s price. The cryptocurrency was trading slightly above $65, down roughly 10% over 24 hours.
Despite the drop, HYPE remains up about 16% for the week. It is the only top-ten cryptocurrency by market cap showing weekly gains.
The timing drew attention as Hayes had recently been bullish on HYPE. He had previously suggested the asset could reach $150.
While Hayes sold, others were buying. Hyperliquid Strategies announced purchasing another 1.4 million HYPE over seven days.
That purchase was worth approximately $95 million at current prices. The firm’s cash position decreased by $15.5 million during that period.
Hyperliquid Strategies now holds about 23.7 million HYPE. The firm also holds about $141.7 million in cash.
