Arthur Hayes just cashed out of two of his highest-profile bets and says the crypto market may be closer to a top than many think. The BitMEX co‑founder revealed he has sold all of his HYPE and NEAR tokens and warned that the peak could arrive sometime between now and September.
Hayes Exits “holy trinity” Coins
In a post shared on X, Hayes wrote, “I just dumped my entire $HYPE and $NEAR position,” and said he will explain the move in an essay titled “Reality Test” coming next week. The sale comes only weeks after he had called HYPE, ZEC and NEAR his “holy trinity” of tokens in earlier comments.
According to several market trackers, Hayes’ exit locked in multi-million-dollar profits after a strong run in both tokens this year. However, instead of rotating into new altcoins, he is now signaling caution and says he prefers to wait for better entry points.
Hayes plans to lay out his full thesis in “Reality Test,” which he teased as the “next real signal” for followers who watch his macro calls. Until that essay drops, he is only sharing a short list of reasons that pushed him to hit the sell button.
Energy, AI IPOs and U.S. Politics
In his brief explanation, Hayes pointed to rising energy prices driven by the war in Iran and inventory restocking as one key factor. He argued that higher energy costs could pressure risk assets, including crypto, if central banks do not quickly add new liquidity.
He also cited “three major AI IPOs” expected this summer through early Q3, saying those listings could pull capital away from crypto and into new equity trades. At the same time, he raised a political risk, warning that Donald Trump “may turn against AI” to win the midterm elections, which he believes could unsettle broader tech and speculative markets.
Because of these pressures, Hayes said the market top “could arrive anytime between now and September,” so he chose to take profits on HYPE and NEAR rather than wait. Traders now expect his upcoming “Reality Test” essay to give more detail on how he plans to position into the rest of 2026 and whether he still sees a path toward his long-stated bullish targets once a correction plays out.
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