Key Takeaways
- • Arthur Hayes, CIO of family office Maelstrom Fund, liquidated his entire positions in Hyperliquid (HYPE) and NEAR Protocol (NEAR) on June 4, 2026, citing profit-taking ahead of anticipated market highs before September and a crowded AI IPO calendar.
- • HYPE declined 8% to approximately $67 following Hayes' disclosure, despite hitting an all-time high above $75 earlier in the week; NEAR fell roughly 19% as Hayes exited his holdings, which had previously surged 38% following his endorsement.
- • Hayes identified macro and political headwinds as key drivers of his exit decision: rising energy prices, high-profile AI IPO issuance from firms including Anthropic and OpenAI, and potential anti-AI rhetoric from President Trump ahead of midterm elections.
- • The prominent investor previously projected HYPE could reach $150 if Hyperliquid maintained dominance in decentralized perpetual futures trading and unlocked additional revenue streams; he doubled down on this target last week before reversing course.
- • Hayes has shifted capital toward Worldcoin (WLD), positioning it as an overlooked proxy for AI-related market exposure and a publicly tradable instrument for exposure to the Sam Altman-associated ecosystem as major AI firms prepare for public offerings.
Summary
Arthur Hayes, the chief investment officer of family office Maelstrom Fund, disclosed on June 4, 2026, that he has completely exited his positions in Hyperliquid (HYPE) and NEAR Protocol (NEAR), marking a significant reversal from his previous bullish positioning on both digital assets. Hayes characterized the move as profit-taking ahead of what he anticipates will be market peaks between now and September 2026. He stated that a detailed explanation will be published in an essay titled "Reality Test" scheduled for release the following Tuesday.
Hayes attributed his exit to several interconnected macro and political factors expected to shape the next phase of the market cycle. He cited rising energy prices, an anticipated wave of high-profile AI IPOs—particularly from Anthropic and OpenAI, with Elon Musk's SpaceX positioned as the closest to listing—and a potential shift toward anti-AI rhetoric from President Trump ahead of midterm elections as primary concerns influencing his risk reduction strategy.
The market reaction to Hayes' disclosure was immediate and negative for both assets. HYPE traded down 8% to approximately $67 at press time, despite having achieved an all-time high above $75 earlier in the week amid growing institutional interest. NEAR Protocol experienced a steeper decline of approximately 19% as on-chain data confirmed Hayes' exit. This represents a sharp reversal from NEAR's previous 38% rally that followed Hayes' earlier public endorsement of the asset. Hayes had previously grouped HYPE, NEAR, and Zcash (ZEC) together as the "holy trinity" of his investment thesis, doubling down on a $150 price target for HYPE just prior to his liquidation.
Rather than remaining in cash, Hayes has redirected capital toward Worldcoin (WLD), actively promoting the token as an overlooked proxy for AI-related market exposure. Maelstrom's investment thesis positions Worldcoin as a publicly tradable instrument offering exposure to the Sam Altman-associated ecosystem, particularly relevant as capital markets increasingly position ahead of anticipated major AI firm IPOs. This reallocation reflects a strategic shift in how Hayes is accessing AI-related upside while reducing exposure to assets he views as vulnerable to near-term market headwinds.
Hayes attributed his exit to several interconnected macro and political factors expected to shape the next phase of the market cycle. He cited rising energy prices, an anticipated wave of high-profile AI IPOs—particularly from Anthropic and OpenAI, with Elon Musk's SpaceX positioned as the closest to listing—and a potential shift toward anti-AI rhetoric from President Trump ahead of midterm elections as primary concerns influencing his risk reduction strategy.
The market reaction to Hayes' disclosure was immediate and negative for both assets. HYPE traded down 8% to approximately $67 at press time, despite having achieved an all-time high above $75 earlier in the week amid growing institutional interest. NEAR Protocol experienced a steeper decline of approximately 19% as on-chain data confirmed Hayes' exit. This represents a sharp reversal from NEAR's previous 38% rally that followed Hayes' earlier public endorsement of the asset. Hayes had previously grouped HYPE, NEAR, and Zcash (ZEC) together as the "holy trinity" of his investment thesis, doubling down on a $150 price target for HYPE just prior to his liquidation.
Rather than remaining in cash, Hayes has redirected capital toward Worldcoin (WLD), actively promoting the token as an overlooked proxy for AI-related market exposure. Maelstrom's investment thesis positions Worldcoin as a publicly tradable instrument offering exposure to the Sam Altman-associated ecosystem, particularly relevant as capital markets increasingly position ahead of anticipated major AI firm IPOs. This reallocation reflects a strategic shift in how Hayes is accessing AI-related upside while reducing exposure to assets he views as vulnerable to near-term market headwinds.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.