Arthur Hayes, the former BitMEX CEO, has liquidated his holdings of HYPE and NEAR tokens in a profit-taking move timed just before an expected surge of artificial intelligence initial public offerings. The transaction, disclosed through on-chain data, caught the attention of crypto traders watching for signs of large-scale investor repositioning.
The Token Dump and Its Timing
Hayes sold both tokens in what sources described as a deliberate exit to lock in gains. The exact amounts and dollar values of the liquidations haven't been publicly detailed, but the sales came within a short window as AI-related stocks and token projects begin to file for public listings. Hayes has been a vocal advocate for crypto-AI crossovers, making the pivot away from HYPE and NEAR notable.
The move suggests Hayes expects the AI IPO hype to redirect capital flows—and that the tokens he sold might underperform compared to new offerings. Neither HYPE nor NEAR issued statements about the sales, and Hayes didn't comment publicly on the transactions.
What HYPE and NEAR Are
HYPE is the native token of the Hyperliquid decentralized exchange, a platform focused on perpetual swaps. NEAR is the token behind the NEAR Protocol, a layer-1 blockchain designed for decentralized applications and scalability. Both have seen significant price swings in recent months, partly driven by AI narrative waves. Hayes held sizeable positions in each, and his exit adds to a pattern of whale-level profit-taking that often precedes market corrections.
AI IPO Surge in the Works
The broader crypto and tech sectors are bracing for a wave of AI company public listings. Several startups in artificial intelligence, including those with native tokens, have confidentially filed for IPOs or are preparing to go public. If that wave materializes, it could draw speculative capital away from older crypto projects and into fresh AI-themed equities and tokens. Hayes' bet—selling now—implies he sees more upside in the IPO pipeline than in holding tokens that already rallied.
Investors will be watching to see if other large holders follow Hayes' lead. The timing of his sales—before the IPOs actually hit—suggests a front-running play typical of experienced traders. Whether those IPOs deliver the returns Hayes expects remains unknown.
