Hayes Cites AI IPOs, Iran War, and Trump Midterm Pivot
Hayes outlined his reasoning on X, pointing to four macro factors that changed his near-term view.
Higher energy prices from the Iran war and inventory restocking, three major AI IPOs expected between now and early Q3, a prediction that Trump turns anti-AI to win the midterms, and a belief that market highs arrive between now and September all contributed to the exit.
“Time to take profit, and two-step in beefa without worrying about my positions,” Hayes posted.
He transferred approximately $18 million in HYPE to market maker Flowdesk according to on-chain data.
When asked whether he would keep his Hyperliquid-themed profile picture, Hayes suggested the exit is temporary. “Obvi, I’ll be back,” he said.
The timing drew immediate backlash. Hayes had posted “Meow, HYPE to $150” just four days earlier on June 1, and had placed the $100,000 bet against Multicoin Capital’s Kyle Samani the same day. Samani accepted, choosing Solana as his challenger.
HYPE ETFs Stay Green As Every Other Crypto ETF Bleeds
Despite Hayes’ exit, HYPE ETFs remain the only major crypto fund category still pulling in net new money.
U.S. spot Bitcoin (CRYPTO: BTC) ETFs extended their outflow streak to 13 consecutive sessions on Wednesday, shedding $4.37 billion since mid-May as total assets fell from $104.29 billion to $82.83 billion.
BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) alone shed $342.34 million on Wednesday.
Meanwhile, 21Shares’ THYP pulled in another $2.99 million, pushing cumulative HYPE ETF inflows to $139.51 million since the May 12 launch.
Grayscale also launched its own HYPE product HYPG on Wednesday, pitching it as the lowest-fee U.S. spot HYPE vehicle.
Citi Says ETF Flows Explain 45% Of Weekly Bitcoin Price Moves
Citi told clients Tuesday that spot Bitcoin ETF flows explain roughly 45% of weekly Bitcoin price moves, calling them the best gauge of investor adoption.
The bank expects sentiment to stay subdued as long as ETF flows remain negative and the CLARITY Act stalls in Congress.
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