On-chain monitoring platform Onchain Lens recorded the disposal of 247,334 HYPE tokens worth approximately $18.02 million. Hayes confirmed the sales on X, writing: "I just dumped my entire $HYPE and $NEAR position. I will explain why in my essay 'Reality Test' dropping next Tuesday." The quantity of NEAR sold was not disclosed publicly.

HYPE fell 4.29% to $69.10 on the day of the announcement, retreating from an all-time high of $75.51 set just two days earlier on June 2. The token carries a market cap of roughly $16.39 billion, placing it tenth globally, with a fully diluted valuation near $70.38 billion according to CoinGecko. Hyperliquid accounts for approximately 70% of on-chain perpetual futures volume according to Datawallet, while DefiLlama places its share of tracked activity at 31.9%; the two figures measure different scopes and are not directly comparable. The protocol generated $4.32 million in trading fees in the 24 hours prior to the sale, per DefiLlama.

A Macro Bet on Liquidity, Not Protocol Quality

Hayes sketched out his reasoning in brief before his full essay arrives. He pointed to higher energy prices linked to the ongoing U.S.-Iran conflict, inventory restocking, and above all, the expected capital absorption from three major AI company listings: SpaceX, targeting a Nasdaq debut as early as late June at a valuation near $1.75 trillion; OpenAI, which filed a confidential S-1 and is aiming for a September listing at a valuation between $852 billion and $1 trillion; and Anthropic, reportedly targeting October at roughly $900 billion. Combined, the three offerings could pull more than $200 billion in capital raised from broader risk markets, drawing institutional and retail funds toward AI equities and away from high-beta crypto assets. (That figure refers to estimated capital raised across the three IPOs, not their combined valuation of approximately $3.45 trillion.) Hayes also cited what he described as an expected pivot by the Trump administration on AI policy ahead of U.S. midterm elections, which he believes will reshape the regulatory environment for AI-adjacent crypto projects. His stated view is that market highs will arrive between now and September, making the current period a logical exit window.

The HYPE sale arrived one day after Grayscale Investments launched its Hyperliquid Staking ETF (ticker: HYPG) on June 3, a timing detail that attracted attention given the proximity of the two events.

The "Holy Trinity" Reversal

The exit is a sharp turn from Hayes' public positioning just under two weeks earlier. On approximately May 22, Hayes named HYPE, NEAR, and ZEC (Zcash) his highest-conviction altcoin trades outside Bitcoin, calling them his "holy trinity." Around the same time, he published an essay arguing that Hyperliquid could surpass Solana's market cap during this bull run. Following that declaration, NEAR surged more than 65% in seven days. Hayes had also forecast HYPE reaching $150 by August 2026 and placed a $100,000 informal bet that HYPE would outperform every top-10 crypto by year-end.

The reversal drew sharp criticism from retail holders on social media, who accused Hayes of publicly hyping the tokens before exiting. This is not the first time his HYPE activity has attracted scrutiny. Earlier in 2026, a wallet tied to Hayes sold 115,453 HYPE at $54.81, then repurchased 85,714 tokens at $62.69, roughly three hours before an on-chain investigation into the trades was published. Hayes later confirmed the activity, posting: "Need to pay my deposit on the new Rari 849 Testarossa." (The "Rari 849 Testarossa" designation is an unusual model name that could not be independently verified at the time of publication.) He has not sold his ZEC position as of this writing.

Regional Stakes: South Asia and Africa

The sell-off carries particular weight in South Asia and Sub-Saharan Africa, where retail crypto participation has grown sharply. India currently leads the global crypto adoption index for 2026, while Africa recorded a 52% year-on-year increase in adoption, with Nigeria and Ethiopia among the top adopters globally and roughly 74% of Nigeria's crypto holders under 30.

Retail investors in these markets frequently track high-profile Western figures like Hayes with limited access to independent on-chain monitoring tools. A price swing of more than 4% triggered by a single actor's exit underlines the exposure these communities carry. NEAR Protocol is also directly relevant to these regions: its NEAR Intents system, which allows AI agents and users to move assets across multiple blockchains without bridges or fragmented wallets, addresses infrastructure gaps that are especially pronounced in markets with limited banking access.

Hayes' argument about liquidity draining toward AI IPOs is a global phenomenon, but economies with thinner USD liquidity buffers tend to feel altcoin drawdowns more severely. Adding further texture to the regional picture, Hyperliquid's model directs 97% of protocol revenue to buy back HYPE, a transparent flywheel that holds particular appeal for users in markets without access to centralised exchange services. His remarks on U.S. AI policy also carry indirect regulatory significance for African jurisdictions, including Nigeria and South Africa, that are actively building digital asset frameworks aligned with international standards. Nigeria's Investment and Securities Act 2025 and South Africa's Financial Sector Conduct Authority licensing regime represent two of the most closely watched frameworks in the region, and both are likely to be shaped by the direction U.S. AI and crypto policy takes heading into the midterms.

What Comes Next

Hayes' full rationale will land in his essay "Reality Test," scheduled for release next Tuesday. His ZEC position remains intact. Whether the macro thesis on AI IPO timing proves correct will become clearer as SpaceX's listing approaches, with pricing potentially as early as June 11 or 12.