Arthur Hayes has sold his entire HYPE and NEAR positions, turning one of crypto’s loudest recent Hyperliquid bulls into a near-term profit-taker as market pressure builds. The BitMEX cofounder said he will explain the move in an essay titled “Reality Test” next Tuesday. His short version was clear: higher energy prices tied to the Iran war and inventory restocking, three mega AI IPOs between now and early Q3, and a political risk that Donald Trump turns against AI before the U.S. midterms.