Bitcoin fell to $62,000 on Thursday, hitting a fresh low for the year. The drop came as former BitMEX CEO Arthur Hayes sold his positions in HYPE and NEAR, sending both tokens into double-digit losses. The two events, happening in parallel, show a market getting squeezed from multiple directions.
Bitcoin's worst level in months
Bitcoin touched $62,000 early in the day, its lowest point since earlier this year. The decline extended a weeks-long slide that has erased gains from spring. Trading volumes picked up as the price broke below $63,000, but there was no single trigger — just steady selling pressure that accelerated through the morning. The $62,000 level had been seen as a support line; its breach put $60,000 in view.
Hayes unloads HYPE and NEAR
On-chain data showed Arthur Hayes liquidated his holdings in HYPE and NEAR. The sales were substantial enough to push both tokens down by more than 10% each. HYPE fell first, then NEAR followed. With liquidity already thin in the altcoin market, the size of the orders made the drops steeper than they might have been otherwise. Hayes hasn't publicly explained the move, but traders noted that large block sales in a jittery market can amplify losses.
Altcoins under pressure
The damage wasn't limited to HYPE and NEAR. Other tokens also slid, though not as dramatically. The combination of a falling Bitcoin and a high-profile sell-off made traders cautious across the board. Some pulled bids, others reduced leverage. It was the kind of day where risk appetite evaporates quickly. The broader altcoin market took a hit, but the tokens directly sold by Hayes were the worst performers.
By late afternoon, Bitcoin was hovering just above $62,000. HYPE and NEAR had pared a fraction of their losses but remained deep in the red. The next few sessions will test whether this is a temporary shakeout or the start of a broader correction.
