Arthur Hayes Dumps HYPE as Competition Risks Grow

• Arthur Hayes sold his entire HYPE position worth about $18 million, citing growing competition in perpetual trading markets.
• Hayes warned that higher energy prices, geopolitical tensions, and major AI-related IPOs could pressure liquidity and risk assets.
• He also exited his NEAR holdings, describing the move as profit-taking while leaving open the possibility of returning later.

Arthur Hayes has fully exited his Hyperliquid and Near Protocol positions after building both holdings for more than a year. According to blockchain tracking platform Lookonchain, the BitMEX co-founder sold 247,334 HYPE tokens worth about $18.02 million, while later explaining that rising competition and broader market risks shaped his decision.

Hayes Points to Growing Pressure on Hyperliquid

Hayes said Hyperliquid now faces increasing competition as exchanges and decentralized trading platforms move into real-world asset perpetual products. According to his comments, more rivals could affect trading activity, protocol revenue, and eventually the valuation of the HYPE token.

His departure marks the end of a position that began in early 2025. On-chain data showed heavy accumulation during that period, followed by additional purchases over several months.

Notably, Hayes sold about $5.1 million in HYPE during September 2025 to fund a Ferrari purchase. However, he later rebuilt the position and added another 26,022 HYPE in April 2026, bringing his holdings to 247,334 tokens before the latest sale.

Broader Market Risks Also Shaped the Move

According to Hayes, rising energy prices remain another concern for risk assets. He pointed to geopolitical tensions involving Iran and the possibility of disruptions around the Strait of Hormuz.

Higher energy costs can increase inflation pressures and influence broader liquidity conditions. Hayes also highlighted several large artificial intelligence company public offerings expected before the third quarter.

He said those listings could attract both institutional and retail capital, potentially reducing flows into alternative markets.

NEAR Exit Follows Similar Strategy

Hayes also confirmed he had completely exited his NEAR position. He previously described NEAR, alongside HYPE and ZEC, as one of his preferred altcoin holdings.

According to his latest comments, concerns over artificial intelligence becoming a larger political issue before the 2026 U.S. midterm elections also influenced his thinking. Hayes summed up the decision simply, stating, “Time to take profit,” before adding in a separate message, “I’ll be back.”

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