- Arthur Hayes has sold his entire HYPE and NEAR positions after previously being bullish on both assets.
- The BitMEX co-founder warned that markets could peak sometime between now and September.
- Hayes cited rising energy costs, major AI IPOs, and U.S. political risks as reasons to reduce exposure.
Arthur Hayes has been one of crypto’s loudest bulls throughout much of 2026. He praised Hyperliquid’s HYPE token, backed NEAR’s artificial intelligence narrative, and repeatedly argued that Bitcoin and digital assets had more room to run. That is why his latest move has caught so much attention across the market.
This week, Hayes revealed that he has fully exited both his HYPE and NEAR positions. The decision was not tied to a protocol exploit, a failed roadmap, or sudden regulatory trouble. Instead, it was a macro call. Hayes believes the next few months could become more difficult for risk assets as energy prices rise, large AI IPOs approach, and political pressure builds around the artificial intelligence sector.
Hayes Is Watching The Macro Setup
Hayes has long argued that liquidity drives crypto markets, but he also pays close attention to moments when that liquidity can get squeezed. His latest warning centers on the possibility that markets may peak sometime between now and September, especially if multiple outside pressures arrive at once.
Rising energy costs are one concern because they can feed inflation worries and make central banks less comfortable easing financial conditions. At the same time, major AI IPOs could absorb large amounts of investor capital, pulling liquidity away from more speculative assets. That combination could create a tougher environment for crypto, even if the long-term thesis remains intact.
The AI Trade May Be Getting Crowded
The irony is that Hayes has benefited from the same AI enthusiasm he is now questioning. NEAR has attracted attention partly because of its artificial intelligence ambitions, while Hyperliquid has been one of the strongest crypto narratives of the year. Both assets became popular among traders looking for exposure to high-growth themes.
Hayes now appears worried that the broader AI trade may be becoming too crowded. If several large AI companies list publicly before the third quarter, investor demand could be tested. A massive offering that disappoints or drains too much liquidity could quickly cool risk appetite across technology and crypto markets.
This Does Not Mean Hayes Is Bearish On Crypto Forever
It is important not to overread the move. Hayes selling HYPE and NEAR does not mean he has abandoned crypto or turned permanently bearish on digital assets. His broader view remains that global liquidity expansion should eventually benefit Bitcoin and the wider market.
What has changed is his near-term risk management. Rather than holding through a potentially volatile stretch, Hayes appears to be taking profits after strong moves in assets he previously supported. That is different from calling an end to the entire cycle, though many traders will naturally treat it as a warning sign.
Why Traders Are Paying Attention
Hayes matters because he is not just another market commentator. He has a long history in crypto derivatives, macro analysis, and high-risk trading environments. When someone with that background exits positions he recently promoted, traders tend to notice.
The timing also matters. HYPE has been one of the hottest assets in the market, while NEAR has benefited from renewed interest in AI-linked crypto projects. If those narratives begin to cool, profit-taking from high-profile investors could accelerate caution among retail traders and funds alike.
A Pause, Not A Panic
The most interesting part of Hayes’ move is that it feels less like capitulation and more like a veteran trader managing risk. Crypto investors often search for clean signals, but markets rarely provide them. Sometimes bullish long-term investors still sell when short-term conditions look less favorable.
Hayes’ warning is ultimately less about HYPE or NEAR specifically and more about the world around crypto. Energy prices, AI valuations, public market liquidity, and U.S. politics may all influence risk assets in the months ahead. For traders, the message is simple enough. The bull case may still exist, but even bulls sometimes step aside when the weather starts looking rough.
