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Arthur Hayes Sells HYPE, Warns of Market Peak Before September
BitMEX co-founder exits HYPE and NEAR as he flags energy prices, AI IPOs, and political shifts that could drain liquidity from risk assets before a summer top.
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Arthur Hayes has liquidated his entire positions in HYPE and NEAR, a move the BitMEX co-founder tied directly to a macro call: financial markets could top out before September.
On-chain data shows Hayes transferred roughly $18 million worth of HYPE to market maker Flowdesk. The sale comes weeks after he publicly backed Hyperliquid and placed a $100,000 wager that HYPE would be one of the best-performing major cryptocurrencies by year-end.
Despite the exit, HYPE has held firm. The token is trading near its all-time high of $67 and has entered what traders describe as a price-discovery phase. Over the past month, HYPE gained roughly 24%, while other major cryptocurrencies fell by 10% to 14%.
The $18 Million HYPE Transfer to Flowdesk
Hayes revealed the sale in a post on X. The transfer to Flowdesk, a market maker, was executed in what appears to be a single large block. The timing is notable because Hayes had recently defended the token publicly, calling it a potential outperformer.
No Panic Selling on the Chart
HYPE remained resilient after the transfer. The token continued trading above key resistance levels near $67 with no sharp drop. That absence of a selloff after an $18 million flow suggests the market is absorbing the supply without disruption. Traders have described the current phase as price discovery, meaning the token is setting new highs without a defined ceiling.
Contrasting Capital Flows
While Bitcoin ETFs have recorded more than $4.3 billion in outflows over the past 13 trading sessions, capital continued flowing into Hyperliquid-related products. Data shows HYPE investment products attracted nearly $3 million in fresh inflows on June 3, extending a 15-day inflow streak. Retail and institutional demand for HYPE appears intact even as a high-profile whale exits.
Four Catalysts Behind Hayes' Timing
Hayes outlined his reasoning in the same X post, pointing to a convergence of forces he believes will drain liquidity from risk assets before a potential peak.
Energy Prices and Inflation
First, Hayes cited higher energy prices linked to the Iran conflict and global inventory restocking. He argued these could increase inflationary pressure, which historically forces central banks to tighten or hold rates higher for longer.
AI IPO Wave
Second, he expects three major AI-related IPOs between now and early Q3. These listings could attract significant investor capital, pulling liquidity away from crypto and other risk assets.