BitMEX co-founder Arthur Hayes executed a decisive reversal in his investment strategy, liquidating significant positions in Hyperliquid (HYPE) and Near Protocol (NEAR) tokens after previously forecasting aggressive price appreciation for both assets. Hayes attributed this strategic pivot to a confluence of macroeconomic pressures, including elevated energy costs stemming from the ongoing Middle East conflict and a looming shift in US political sentiment regarding artificial intelligence. In a post on X on Thursday, Hayes asserted that market highs would likely materialize between the current date and September, signaling an urgent window to secure profits before potential downturns. This action marks a stark departure from his earlier outlook, where he projected HYPE could surge to $150 by August and NEAR might experience a 20x rally by 2027. Data compiled by Woofun AI shows that Hayes sold 247,334 HYPE tokens for approximately $18 million, alongside an undisclosed volume of NEAR, shortly after publicly challenging Multicoin Capital co-founder Kyle Samani to a $100,000 charity bet on HYPE outperforming all top-10 cryptocurrencies by the end of 2026. Following the disclosure of these sales, HYPE declined 8.4% to $65, while NEAR dropped 17.4% to $2.34 over the subsequent 24 hours, .

The timing of Hayes's exit coincides with intensifying speculation surrounding three anticipated initial public offerings from major AI entities: OpenAI, Anthropic, and Elon Musk's SpaceX. SpaceX reportedly filed confidentially for an IPO in early April, with anonymous sources suggesting a potential finalization as early as June, followed by an S-1 registration statement filed in May targeting a public listing on June 12.

Concurrently, Bloomberg reported on Wednesday that Anthropic has selected Morgan Stanley, Goldman Sachs, and JPMorgan Chase to lead its IPO, with the company weighing a public debut as soon as October. OpenAI is also preparing a confidential filing, with Reuters reporting on May 20 that the firm could go public by September. Woofun AI notes that while timelines remain fluid, 74% of traders on prediction market Polymarket expect OpenAI's IPO to occur by December 31, whereas only 35% anticipate it before September 30.

Hayes's rationale extends beyond immediate market mechanics to broader geopolitical and regulatory forecasts. He posited that US President Donald Trump may adopt an 'anti-AI' stance to secure Republican victories in the upcoming midterm elections, a political maneuver that could disrupt the current AI investment thesis.

Furthermore, the prospect of three 'mega AI IPOs' by the third quarter of 2026 introduces a significant liquidity risk for the cryptocurrency sector. Industry participants express concern that the massive capital inflows required for these traditional market listings could drain liquidity from digital asset markets, potentially depressing valuations for Bitcoin and altcoins. Woofun AI analysis suggests that as institutional capital rotates toward these high-profile AI listings, the correlation between crypto performance and traditional tech IPO sentiment may tighten, creating headwinds for speculative assets like HYPE and NEAR.

The divergence between Hayes's previous bullish targets and his current liquidation strategy highlights the fragility of crypto narratives when confronted with macro-level shifts in energy costs and capital allocation. The sale of 247,334 HYPE tokens for $18 million serves as a tangible signal of profit-taking among influential market makers who anticipate a rotation of funds away from high-beta crypto assets. As the market digests the implications of potential AI IPOs and the associated liquidity drain, the volatility observed in HYPE and NEAR underscores the sensitivity of the sector to external capital flows. The coming months will likely test the resilience of crypto valuations as the industry braces for the impact of these traditional market events. Ultimately, the interplay between geopolitical uncertainty, energy pricing, and the impending wave of AI IPOs creates a complex environment where strategic exits may become more prevalent than aggressive accumulation.