Arthur Hayes, co‑founder of BitMEX and chief investment officer at Maelstrom, has sold all his holdings in Hyperliquid (HYPE) and Near Protocol (NEAR), blaming worsening macroeconomic conditions and shifting market dynamics in digital assets and artificial intelligence.
He disclosed the move on X, saying rising energy costs, Middle East tensions, and a looming wave of large artificial intelligence initial public offerings could pull capital away from alternative cryptocurrencies. Following the announcement, HYPE fell 8.3% in 24 hours to $66.44 and NEAR dropped 17.8% to $2.34, extending losses through the day.
From “holy trinity” to full exit
The sale marks a sharp reversal from Hayes’s recent public stance. In a May 25 interview, he praised Hyperliquid’s token structure, highlighting mechanisms designed to return revenue to token holders rather than outside financiers.
He also promoted NEAR’s multi‑chain privacy architecture, arguing that enabling anonymous cross‑network transactions could unlock additional value.
On May 22, Hayes grouped ZCash with HYPE and NEAR as a “holy trinity” of trades and floated the possibility of a five‑fold price increase for ZCash, reinforcing his bullish tone on privacy and derivatives‑focused projects.
After revealing his liquidation, Hayes faced pointed questions on social media, with some users claiming his earlier comments had fueled short‑term demand ahead of his exit. Hayes replied that he will publish a detailed explanation in an essay scheduled for June 9.
Energy shock and tightening global outlook
Hayes linked his move to a broader deterioration in the macro backdrop. Escalating conflict in the Middle East has disrupted energy flows, with shipping through the Strait of Hormuz still heavily constrained. Brent crude futures climbed above $109 per barrel in late May, driving energy costs higher.
Euro area headline inflation has risen to 3%, and the Organisation for Economic Co‑operation and Development has warned that a prolonged conflict could drag global growth down to 2.1% in 2026, edging some economies toward recession.
At the same time, U.S. business inventories are starting to build, with recent data showing a modest rise in wholesale inventories. Hayes framed this as a sign of a more complicated demand picture, one that could weigh on risk assets such as alternative cryptocurrencies.
AI mega‑IPOs seen draining liquidity from crypto
Hayes also pointed to an approaching wave of equity offerings from major artificial intelligence firms as a key reason for stepping aside from HYPE and NEAR.
SpaceX has publicly filed an S‑1 prospectus and is targeting a June 12 listing that could value the company at up to $2 trillion and raise as much as $80 billion. Anthropic has confidentially filed for an IPO following a funding round that valued it at $965 billion, while OpenAI is preparing a confidential filing for a potential listing as early as September.
Combined, these deals could seek more than $135 billion in fresh capital, compared with just $45 billion raised by the entire U.S. IPO market in 2025. Hayes argued that this scale of issuance may absorb a significant share of available risk capital that might otherwise flow into digital assets.
This shift is emerging against a backdrop of weakening demand for cryptocurrencies in traditional markets. Spot Bitcoin ETFs have recorded 12 straight days of net outflows totaling nearly $4 billion, underscoring a pullback in institutional participation even as AI‑linked stocks push major U.S. indices to record highs.
Political climate adds uncertainty for AI‑crypto crossover
Hayes also suggested that U.S. politics could shape the outlook for AI‑themed blockchain projects ahead of the November 3 elections, including the possibility of policy shifts under a second Trump administration.
On June 2, the White House signed an executive order establishing a voluntary framework for AI safety testing, a relatively light‑touch regime after warnings from the industry that aggressive regulation could slow innovation versus China.
However, public opinion is cautious. A May 2026 poll showed 44% of Americans believe AI is advancing too quickly, and 43% say the risks outweigh the rewards. This skepticism could encourage candidates to stake out tougher positions on AI, adding another layer of uncertainty for capital‑intensive AI and crypto ventures.
For now, Hayes’s sudden exit from HYPE and NEAR has become a focal point in a market already struggling with thinner liquidity, persistent macro headwinds, and a powerful rotation toward AI‑driven equities.
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