BitMEX co-founder and Maelstrom Chief Investment Officer Arthur Hayes has completely liquidated his positions in Hyperliquid (HYPE) and Near Protocol (NEAR).
The prominent investor revealed the surprise move ahead of his upcoming essay, “Reality Test,” citing shifting macroeconomic and political headwinds.
Hayes attributes the sudden divestment to rising global energy prices driven by the ongoing conflict involving Iran and inventory restocking. Furthermore, he anticipates that three mega AI initial public offerings slated between now and early Q3 will divert substantial liquidity away from crypto markets.
The executive also forecast a political shift in which Donald Trump would adopt an anti-AI stance to secure Republican victories in the upcoming midterm elections. Consequently, Hayes expects market highs to occur between now and September, signaling an immediate opportunity to take profits.
This defensive pivot is the opposite of Hayes’ previous commentary regarding ecosystem assets. He had recently argued that HYPE possessed enough fundamental momentum to comfortably overtake Solana (SOL) before the current bull market concluded.
 
Meanwhile, the altcoin market is structurally fragile, just as Hayes cautions. Crypto trader Daan Crypto noted that the aggregate altcoin market capitalization, excluding stablecoins, has remained range-bound for over two years without staging a definitive, sector-wide relief rally.
According to Daan Crypto, recent market gains are being carried exclusively by a few altcoins. For the industry to experience a proper bounce, major assets like Ethereum must show more signs of life.
This lack of momentum is evident in the CoinMarketCap Altcoin Season Index, which is currently neutral at 52/100. While the metric has recovered from last month’s low of 39, it is still well below the yearly high of 78 recorded in September 2025.
Over the last 90 days, isolated outliers recorded massive gains, led by Binance Life at 1,056.76% and DEXE at 452.54%. Hayes’ exited asset, HYPE, also recorded a 125.49% gain, validating his strategy to exit during localized strength.
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