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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 distinguished 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 power costs pushed by the continued 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 wherein 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 other of Hayes’ earlier commentary concerning ecosystem property. He had just lately argued that HYPE possessed sufficient elementary 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 reduction rally.
In accordance with Daan Crypto, current market positive aspects are being carried completely by just a few 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 presently impartial at 52/100. Whereas the metric has recovered from final month’s low of 39, it’s nonetheless nicely beneath the yearly excessive of 78 recorded in September 2025.
Over the past 90 days, remoted outliers recorded huge positive aspects, led by Binance Life at 1,056.76% and DEXE at 452.54%. Hayes’ exited asset, HYPE, additionally recorded a 125.49% achieve, validating his technique to exit throughout localized energy.
