BitMEX co-founder Arthur Hayes announced on June 4, 2026, that he had sold his entire positions in the HYPE token and NEAR Protocol, citing rising energy prices due to tensions with Iran, three upcoming mega AI IPOs, and a prediction that Trump would turn anti-AI.
The announcement triggered an immediate wave of discussion across crypto social media, with whale movements of this size drawing intense scrutiny from both supporters and critics.
I just dumped my entire $HYPE and $NEAR position, I will explain why in my essay "Reality Test" dropping next Tuesday.
TLDR:
– Higher energy prices due to Iran war and inventory restocking
– 3 Mega AI IPOs between now and early Q3
– Prediction that Trump goes anti-AI to win…— Arthur Hayes (@CryptoHayes) June 4, 2026
Here is the central tension this article unpacks: Hayes had publicly posted a $150 price target for HYPE just four days before dumping his entire position, so what does that pattern actually mean for retail investors watching from the sidelines?
As Hayes dropped the bombshell on X, HYPE reacted with a -9% move overnight, dropping to around $66. NEAR has been hit harder, losing more than 16% in value over the past 24 hours, dropping to $2.37.
Whale Exits Explained: What the Four-Day Reversal Actually Tells You
Think of a large crypto investor like a professional poker player who bets aggressively, reads the table constantly, and folds without sentiment the moment the odds shift, even if they were raising the pot sixty seconds earlier.
That is not an inconsistency. That is the actual job description. Hayes is not a retail investor with a buy-and-hold horizon. He is the CIO of Maelstrom, a fund with specific risk-management mandates and macro triggers that have nothing to do with whether a project is good or bad in the long term.
The mechanics here are worth understanding precisely. On September 21, 2025, Hayes had already sold his entire HYPE position once before, clearing $5.1M after aggressively promoting the token on stage.
He later re-accumulated, bought more on the way up, and by early 2026 was publicly calling for a $150 price target while maintaining what he described as his “holy trinity” of altcoins: HYPE, ZEC, and NEAR.
If you were following Hayes’ full holy trinity thesis, including Hyperliquid and NEAR, you already knew this was a concentrated, high-conviction trade – not a passive long-term hold.
On-chain data tracked by @Lookonchain had previously shown Hayes accumulating 247,334 HYPE, worth approximately $10.44M, built in part by rotating out of PENDLE and ENA positions.
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$NEAR/usdt 4 hour$NEAR nuking 20% after getting rejected at ascending channel diagonal resistance ….
… bounce here on diagonal channel support? pic.twitter.com/QICFTEjGnp
— Satoshi Flipper (@SatoshiFlipper) June 4, 2026
Why Did the Hayes HYPE and NEAR Train Come to a Halt Right Now?
There are two competing narratives regarding Hayes. The first is that he is a macro-driven trader who views energy price shocks and AI IPOs as legitimate risks, making his move into Bitcoin justifiable from a risk-management perspective.
The second narrative suggests a troubling pattern: Hayes has previously promoted tokens with aggressive price targets, only to exit shortly thereafter, leaving retail investors frustrated. These promotions create strong expectations, and his quick exits, driven by changing macro views, can mislead those without access to real-time analysis.
One analyst noted that Hayes approaches public writing like an options desk, quick to act without sentiment. This explains the simultaneous selling of both his NEAR Protocol and HYPE token positions when his macro thesis changed. While crypto has bullish narratives, it often lacks accountability when those narratives vanish as profits materialize, leaving a complex tension unresolved.
Should You Panic or Sit Tight, and Why Buying Influencers’ Calls Can Backfire
Boom. There goes the distribution $hype @HyperliquidX
What stood out here:
• Spot was being heavily sold on Bybit
• Perps were used to keep price elevated
• OI was consolidating
• Funding hit ~100% this morningThe move down may have been triggered by Arthur Hayes taking… https://t.co/lQOOrOzmml pic.twitter.com/L9rBofrwVS
— noorucn (@sportytechworld) June 4, 2026
Here’s the uncomfortable truth: if you bought HYPE or NEAR Protocol based on Arthur Hayes’ recommendation, you’re likely misaligned. Hayes manages a fund with distinct macro triggers and liquidity needs, and his decisions serve his portfolio, not yours.
It’s natural to react when a whale moves, but that doesn’t mean you should. On-chain data is public, but transparency doesn’t equal alignment. A sell-off due to one large actor’s concerns doesn’t indicate that the underlying projects are broken. Hyperliquid and NEAR Protocol’s fundamentals remain intact.
From a retail perspective, consider these scenarios:
Bull case: Hayes HYPE concerns prove unfounded, leading to a swift recovery for HYPE and NEAR. Patient holders are rewarded.
Base case: Market volatility lingers post-sell-off, but Hayes’ insights help steer the narrative cycle.
Bear case: Hayes is correct, and both tokens underperform as institutional capital flows out of crypto.
Monitor Hayes’ on-chain wallet activity in the next 30 days. If he re-accumulates HYPE or NEAR, it’s a positive sign. If not, the bear case may extend. Stay informed and don’t let a whale’s exit dictate your decisions.
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The post Arthur Hayes HYPE and NEAR Offloading: Why Did He Dump? appeared first on 99Bitcoins.
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