Arthur Hayes Sells HYPE and NEAR, Flags Market Risks
Arthur Hayes, co‑founder of BitMEX, has publicly disclosed that he sold his holdings in HYPE and trimmed NEAR positions, marking a shift from his earlier bullish outlook. On‑chain data shows he offloaded more than 247,000 HYPE tokens worth roughly $18 million and reduced portions of his NEAR stash. Hayes now warns that the broader crypto market could face heightened downside pressure before a possible peak as early as September 2026.
Why Hayes Is Taking Profits
Hayes cites several catalysts for his decision: rising energy prices amid Middle East tensions, looming IPOs from major AI and tech firms, and a potential change in US political posture toward AI under Donald Trump. He argues these factors could redirect investor capital out of crypto and into high‑profile public listings, creating liquidity constraints for Bitcoin, Ethereum, and altcoins.
Market Impact and Price Moves
The market reacted quickly. HYPE dropped about 8.4% within 24 hours and NEAR fell roughly 17.4% after the sales were reported. Previously, Hayes had set aggressive targets—HYPE at $150 by August and a 20x appreciation for NEAR by 2027—making the recent disposition notable for traders and institutional watchers tracking on‑chain whales.
Potential Flow From Crypto to IPOs
Hayes specifically named potential IPOs from OpenAI, Anthropic and SpaceX as risks that could siphon liquidity from crypto markets into the stock market. If large allocations shift to these public offerings, the exit of capital could exert downward pressure on crypto market cap, DeFi liquidity pools, and exchange order books, amplifying volatility for Bitcoin and other digital assets.
What Traders Should Watch
Crypto investors should monitor on‑chain flows, exchange balances, macro indicators like energy prices, and announcements about AI IPO timelines. A sustained migration of capital toward big tech listings would be a bearish signal for risk assets in crypto, making risk management and profit‑taking strategies more important in the months ahead.
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