Key facts
- Arthur Hayes sold his entire holdings in HYPE and NEAR Protocol.
- Hayes announced the sale on X on June 4.
- He cited rising energy prices, three major AI IPOs, and potential political risks as reasons for his decision.
- Hayes predicts a market peak before September and stated it is time to take profits.
- Hayes will explain his reasoning in an upcoming essay titled 'Reality Test'.
Arthur Hayes, co-founder of BitMEX, announced on June 4 via X that he has sold his complete positions in HYPE and NEAR Protocol. Hayes indicated he is taking profits due to macro headwinds, including rising energy prices influenced by the Iran war and inventory restocking, and the anticipation of three significant AI IPOs before early Q3. He also cited potential political risks associated with President Donald Trump's stance on AI. Hayes predicts a market peak before September and will detail his reasoning in an upcoming essay titled 'Reality Test'. Separately, Allium Research has developed a new valuation model for HYPE, treating it like an equity analyst would for listed companies. This model uses reported revenue, buyback data, and onchain cash flows, noting $591 million in annualized buybacks and a nearly 24% fully diluted yield on current market cap. Allium also released a report on tokenized equities, stating their supply has reached about $1 billion since mid-2025, with approximately 90% of volume originating outside the US.