Arthur Hayes, the co-founder of BitMEX and CIO of Maelstrom, liquidated his entire holdings in both Hyperliquid’s HYPE token and NEAR Protocol’s NEAR token on June 4. The move is a sharp reversal from someone who, not long ago, was placing five-figure wagers on HYPE’s dominance and calling these assets part of his “holy trinity.”
Hayes sold 247,334 HYPE tokens for approximately $18 million. The HYPE token dropped between 4% and 10% in the immediate aftermath, depending on which tracker you check. NEAR also saw selling pressure as traders digested the news.
From holy trinity to full exit
Earlier in 2026, he made purchases of HYPE exceeding $1 million and publicly referred to HYPE, ZEC, and NEAR as his “holy trinity” of crypto holdings. He set a price target of $150 for HYPE and backed that conviction with a $100,000 bet that the token would outperform other top-10 crypto assets by year’s end.
Hayes announced his rationale would come in an essay titled “Reality Test,” scheduled for publication on June 9. He pointed to macroeconomic concerns and political risks as driving factors behind the decision, including geopolitical conflict, rising energy prices, and the growing influence of AI on market dynamics.
Why the timing matters
Hayes had previously flagged expectations that crypto markets could hit peaks around September 2026. Selling now, months before that projected high, suggests he either no longer believes in that timeline or sees risks materializing faster than anticipated.
What this means for investors
The immediate market reaction tells part of the story. HYPE’s 4-10% decline after the announcement shows that Hayes still moves prices when he talks.
For HYPE holders specifically, the token had built significant momentum on the back of Hyperliquid’s growing decentralized exchange volumes and Hayes’ vocal support. NEAR faces similar dynamics, though the protocol has a broader base of institutional supporters and developer activity.
The “Reality Test” essay on June 9 will be closely watched. If Hayes lays out a convincing macro case for why altcoins face headwinds into the fall, it could accelerate the rotation out of speculative positions and into Bitcoin or stablecoins.