Arthur Hayes, the co-founder of BitMEX, has sold off his holdings in HYPE and NEAR tokens. He cited macroeconomic risks and the approaching wave of AI company initial public offerings as the reasons for the move. Prices of both tokens dropped sharply immediately after the sale became known.
The Sell-Off and Market Reaction
The sell-off was a large, concentrated exit by a single prominent holder. HYPE and NEAR both saw their values fall significantly within hours of the news spreading across trading platforms. The exact size of Hayes' holdings was not disclosed, but the market impact was immediate and noticeable.
Traders on decentralized exchanges reported a sudden increase in sell orders for the two tokens. The drops erased recent gains and pushed both assets to their lowest levels in several weeks. HYPE, a token tied to a decentralized finance protocol, lost ground against Bitcoin and Ethereum. NEAR, the native token of the Near blockchain, followed a similar trajectory.
Why Hayes Cited Macro Risks and AI IPOs
Hayes has been vocal in the past about the influence of broader economic forces on cryptocurrency markets. In this case, he pointed to a combination of rising interest rates, persistent inflation, and the potential for a liquidity crunch. He also highlighted the impending initial public offerings of several artificial intelligence companies as a factor that could divert capital away from crypto.
The mention of AI IPOs is notable. A wave of high-profile tech listings is expected in the coming months, and Hayes appears to believe those will attract risk capital that might otherwise flow into tokens like HYPE and NEAR. The macro environment, he argued, makes holding such assets less attractive in the near term.
Impact on Broader Crypto Sentiment
The sale adds to a cautious mood already present in the altcoin market. Many smaller tokens have struggled to maintain momentum as Bitcoin's dominance has risen. Hayes' exit, coming from a well-known figure, reinforces the idea that even strong believers in the space are trimming positions when external risks stack up.
Neither the HYPE team nor the Near Foundation has commented on the sell-off. The market is now watching for any follow-up moves by other large holders. For now, the sudden drop in HYPE and NEAR serves as a reminder that a single whale's decision can still sway prices in a market that remains thin for many assets.
