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BitMEX co-founder and Maelstrom Chief Funding Officer Arthur Hayes has fully liquidated his positions in Hyperliquid (HYPE) and Close to Protocol (NEAR).
The outstanding investor revealed the shock transfer forward of his upcoming essay, “Actuality Check,” citing shifting macroeconomic and political headwinds.
Hayes attributes the sudden divestment to rising international vitality costs pushed by the continuing battle involving Iran and stock restocking. Moreover, he anticipates that three mega AI preliminary public choices slated between now and early Q3 will divert substantial liquidity away from crypto markets.
The chief additionally forecast a political shift through which Donald Trump would undertake an anti-AI stance to safe Republican victories within the upcoming midterm elections. Consequently, Hayes expects market highs to happen between now and September, signaling a direct alternative to take income.
This defensive pivot is the alternative of Hayes’ earlier commentary relating to ecosystem property. He had just lately argued that HYPE possessed sufficient basic momentum to comfortably overtake Solana (SOL) earlier than the present bull market concluded.
 
In the meantime, the altcoin market is structurally fragile, simply as Hayes cautions. Crypto dealer Daan Crypto famous that the mixture altcoin market capitalization, excluding stablecoins, has remained range-bound for over two years with out staging a definitive, sector-wide aid rally.
In line with Daan Crypto, latest market beneficial properties are being carried completely by a number of altcoins. For the trade to expertise a correct bounce, main property like Ethereum should present extra indicators of life.
This lack of momentum is clear within the CoinMarketCap Altcoin Season Index, which is at present impartial at 52/100. Whereas the metric has recovered from final month’s low of 39, it’s nonetheless nicely under the yearly excessive of 78 recorded in September 2025.
During the last 90 days, remoted outliers recorded large beneficial properties, led by Binance Life at 1,056.76% and DEXE at 452.54%. Hayes’ exited asset, HYPE, additionally recorded a 125.49% acquire, validating his technique to exit throughout localized energy.
