Arthur Hayes Sells HYPE and NEAR After Recent Bullish Calls

The BitMEX co-founder said on X that he had dumped all of his HYPE and NEAR, adding that he would be posting an essay explaining his decision, titled “Reality Test.”

He pointed to a few different reasons for becoming more cautious with his positions. These included higher energy prices due to the war in Iran, companies rebuilding their inventories, upcoming AI IPOs, and the possibility that President Donald Trump could turn against the AI sector before the midterm elections.

In simple terms, Hayes appears to warn that the market might be approaching a local top between now and September.

HYPE Price Tanks

Hayes’ post came during a rough day for HYPE’s price. The cryptocurrency is trading at slightly above $65 at the time of this writing, down around 10% in the past 24 hours.

However, it’s worth noting that HYPE remains up about 16% for the week, making it the best performer among the top 10 cryptocurrencies by total market cap. In fact, it’s the only one charting an increase on the weekly chart.

The timing of his sale drew attention because he had recently been very positive on HYPE, suggesting that it could reach $150. That led traders to question whether he had changed his mind rather quickly or was just taking profits after a strong move. In any case, it’s far from the first time he does it.

Others are Buying

While Hayes has been “dumping,” others have been buying. Hyperliquid Strategies just announced that they have bought another 1.4 million HYPE, worth roughly $95 million, over the past 7 days. Their cash position fell by $15.5 million.

The firm now holds about 23.7 million HYPE and about $141.7M in cash.

This also means that at current HYPE prices, their stock trades at 1.29x net asset value (NAV), which allows them to issue more ATM shares, sell them, and buy more HYPE.

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