Crypto investor and BitMEX co-founder Arthur Hayes has sold his entire Hyperliquid (HYPE) position, triggering a sharp reaction from the market.
Blockchain data shows Hayes offloaded around 247,000 HYPE tokens worth roughly $18 million. He also confirmed that he exited his position in NEAR.
“I just dumped my entire $HYPE and $NEAR position,”
Hayes wrote on X, adding that he will explain his reasoning in an upcoming essay titled Reality Test.
Why Did Hayes Sell?
While keeping most details for his upcoming publication, Hayes hinted at several macroeconomic concerns behind the decision.
He pointed to rising energy costs linked to tensions in the Middle East, inventory restocking pressures, and growing interest in artificial intelligence investments. He also suggested that major AI-related public offerings expected later this year could attract significant capital away from other sectors.
Hyperliquid Price Falls After Announcement
The market reacted quickly to the news. Hyperliquid dropped more than 4% shortly after Hayes revealed the sale, slipping below the $70 level.
The pullback comes after an impressive rally that saw HYPE surge from around $30 earlier this year to recent highs above $75. Despite the correction, the token remains one of the strongest performers of the current market cycle.
A Shift in Outlook
Hayes’ exit surprised some traders given his previous enthusiasm for Hyperliquid. In recent months, he had publicly praised the project and even suggested HYPE could eventually challenge Solana’s market position.
For now, investors are waiting for his full explanation next week as they assess whether the move reflects broader market concerns or simply a portfolio rotation into new opportunities.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
