Arthur Hayes dumps all HYPE and NEAR, calls market top…

Arthur Hayes, co-founder of BitMEX and one of crypto's most closely watched macro traders, has liquidated his entire positions in HYPE and NEAR, signalling a decisive shift to risk-off ahead of what he expects to be a market peak before September.

Hayes cited three converging pressures: rising energy prices squeezing crypto mining economics, a wave of AI mega-IPOs set to absorb institutional liquidity, and a broader macro read that the current cycle's highs will be in before Q3 closes.

Why it matters

Hayes is not a passive observer — his public position changes have historically moved markets in the assets he names. A full exit from HYPE and NEAR, rather than a trim, is a strong signal: he is not hedging, he is out. The energy-price thesis is particularly notable because it ties crypto sentiment to a macro input most retail traders underweight. If large-cap AI IPOs — think the pipeline of names expected to list in 2025 — hoover up risk appetite from institutional allocators, altcoin liquidity is the first casualty.

Market impact

HYPE and NEAR face immediate selling pressure as Hayes's exit becomes public knowledge and followers reprice both tokens. The broader altcoin complex should be watched: a pre-September top call from a trader of Hayes's profile tends to accelerate rotation out of mid-cap tokens into cash or BTC. Watch BTC dominance as the leading indicator — a sustained rise would validate the thesis that the altcoin cycle is closing.