BitMEX co-founder Arthur Hayes said he has sold his entire Hyperliquid and Near positions, citing macro risks, rising energy costs, and concerns that liquidity may shift toward large artificial intelligence listings in the coming months.
Hayes said he will provide a fuller explanation in an essay titled “Reality Test,” scheduled for release next Tuesday. In his initial comments, he listed three reasons for exiting HYPE and NEAR: higher energy prices tied to the Iran war and inventory restocking, three major AI IPOs expected before the early third quarter, and a view that President Donald Trump may turn against AI as part of a political strategy.
On-chain tracker Lookonchain said Hayes sold 247,334 HYPE, valued at about $18.02 million, to lock in profits. Hayes had previously predicted that HYPE could reach $150, but his latest sale shows a shift toward risk reduction after a strong rally in the token.
Arthur Hayes Cites Energy, AI IPOs, and Market Timing
Hayes said the market could peak between now and September, leading him to take profits on HYPE and NEAR. His comments came as crypto markets face pressure from geopolitical uncertainty, a weaker altcoin tape, and capital rotation toward AI-linked equities.
The reference to energy prices is tied to concerns that higher fuel and electricity costs could pressure inflation and reduce the chance of easier monetary policy. At the same time, upcoming large AI IPOs may compete for investor capital, especially if public markets continue rewarding artificial intelligence companies.
Hayes also said Trump could move against AI politically. He did not provide full details in the short post, but said the argument would be explained in the upcoming essay. His post did not suggest he had permanently abandoned Hyperliquid, and in a reply, he said, “I’ll be back.”
The sale created attention because Hyperliquid has been one of the strongest crypto market stories in 2026. The project’s perpetual futures volume has continued to rise relative to centralized exchanges, even as broader crypto trading has weakened.
Hyperliquid Growth Continues Despite HYPE Sale
Hyperliquid’s May perpetual futures volume reached a record 6.63% of total global centralized exchange perpetual volume. Its volume also reached 14.4% relative to Binance, another record for the platform.
The growth was partly driven by Hyperliquid’s HIP-3 framework, which produced more than $62 billion in May volume and about $3 billion in open interest. However, pure crypto perpetual volume on Hyperliquid still declined year over year, showing that broader market conditions remain difficult.
Source: X
Institutional activity around HYPE has also grown. Grayscale’s Hyperliquid ETF, trading under the ticker HYPG, is set to launch with a 0.29% fee. Existing Hyperliquid ETFs, THYP and BHYP, have already attracted $141 million in cumulative net inflows.
Bitwise CEO Hunter Horsley said more than 7.7 million HYPE has been staked to Bitwise Onchain Solutions validators. That includes about 1.4 million HYPE in BHYP, along with several million tokens from other institutional owners, platforms and individuals.
Even with those demand channels, whale positioning has started to narrow. Market data showed the gap between Hyperliquid whale long and short positions falling to just $0.01 billion, suggesting a possible shift in large-holder positioning.
HYPE and NEAR Charts Face Key Support Tests
HYPE is trading near $68.93 on the 3-day chart after a sharp rally from the $37.50 to $43.50 re-accumulation zone. The token recently approached the upper boundary of its long-term rising channel and stalled near the $83 to $95 resistance area.
Source: X
A clean 3-day close above $83 to $95 would be needed to reduce rejection risk and reopen upside levels near $110 to $130. Without that breakout, the current zone may continue to act as resistance.
The first major downside level for HYPE price sits near $59 to $60. If that area fails, support sits near $51, followed by the wider $37.50 to $43.50 range. A move into that lower zone would mark a deeper correction but would not end the broader rising-channel structure unless price breaks below it.
NEAR is also under pressure after rejecting near $2.55. The token is trading around $2.05, down about 12.8% on the referenced chart. The main short-term support is $2.00 to $2.01.
Source: X
If NEAR holds that level, a relief move toward $2.20 to $2.30 remains possible. A stronger recovery would require a return to $2.55. If NEAR loses $2.00, the next support is near $1.73, followed by a lower accumulation range between $1.45 and $1.65.
