Arthur Hayes has sold his entire 247,334 HYPE position, with on-chain tracking data from Lookonchain putting the sale at roughly $18.02 million. Hayes later said the exit was shaped by growing competition in perpetual trading markets and a wider set of macro risks weighing on risk assets.
The move closes out a position he had built over more than a year. Hayes also confirmed that he fully exited NEAR. He framed that decision as profit-taking, while still signaling that the trade may not be over for good, saying, “Time to take profit,” and in a separate message, “I’ll be back.”
More competition around real-world asset perpetual products
Hayes said Hyperliquid is now facing a broader field of competitors as exchanges and decentralized trading venues push into real-world asset perpetual products. In his view, a larger group of rivals could weigh on trading activity, protocol revenue, and eventually the valuation of the HYPE token itself.
His HYPE position began in early 2025, when on-chain data showed aggressive accumulation followed by additional buying over the following months. The report also noted that Hayes sold about $5.1 million of HYPE in September 2025 to fund a Ferrari purchase, then rebuilt the position later. In April 2026, he added another 26,022 HYPE, bringing his total holdings back to 247,334 tokens before this latest exit.
Energy costs and AI listings seen as pressure points
Hayes pointed to rising energy prices as another reason for caution on risk assets. He specifically mentioned geopolitical tensions involving Iran and the possibility of disruptions around the Strait of Hormuz.
His argument is that higher energy costs can add to inflation pressure and alter broader liquidity conditions. He also flagged several large artificial intelligence company public offerings expected before the third quarter. Those listings, he said, could draw in both institutional and retail capital, leaving less money available for alternative markets.
NEAR exit adds to the broader shift
Hayes said he has also completely exited NEAR, a token he had previously named alongside HYPE and ZEC as one of his preferred altcoin holdings. In his latest comments, he added that concern over artificial intelligence becoming a bigger political issue ahead of the 2026 U.S. midterm elections also fed into his thinking.
The result is a full withdrawal from two positions he had publicly favored. Hayes did not give a timeline for any return, but his comments make clear that he sees the current setup as a moment to lock in gains rather than keep exposure unchanged.