Arthur Hayes Says AI Trade Is Nearing Peak After HYPE, NEAR And WLD Exit

Arthur Hayes says his firm Maelstrom sold several altcoin positions, including HYPE, NEAR and WLD, because the artificial-intelligence trade may be approaching a peak and could pressure crypto liquidity in the near term.

In a Cointelegraph Markets Outlook interview, the BitMEX co-founder argued that AI-related capital demand has absorbed liquidity that might otherwise have flowed into Bitcoin and higher-beta crypto assets. WuBlockchain summarized the interview by saying Hayes had sold HYPE, NEAR, WLD and ZEC while keeping Bitcoin and Ethereum exposure.

The move extends a sharp reversal from Hayes’ earlier altcoin positioning. He had previously grouped HYPE, ZEC and NEAR into a high-conviction trade, before later dumping HYPE and NEAR as market-top warnings spread. WLD became the final AI-linked exit after Maelstrom had publicly framed Worldcoin as a liquid way to express the AI IPO trade.

The sales do not mean Hayes has turned structurally bearish on crypto. His latest argument is more tactical: AI stocks, AI infrastructure financing and major AI listings have pulled capital toward public-market technology narratives, leaving crypto vulnerable if that trade starts to wobble.

HYPE, NEAR And WLD Sit In Different Parts Of The Trade

HYPE was the most visible reversal because Hayes had been one of Hyperliquid’s louder public bulls. Hyperliquid remains one of the strongest fee-generating protocols in crypto, and HYPE recently traded near $67 despite broader market stress.

The token also remains heavily tied to Hyperliquid’s trading-engine story, where protocol revenue, buybacks and perpetual futures volume continue to drive investor attention. That is why Hayes’ exit landed alongside separate debate over whether Hyperliquid is still being undervalued relative to its fee capture.

NEAR and WLD carry a clearer AI-market label. NEAR has leaned into user-owned AI, account abstraction and agent infrastructure, while WLD is closely tied to World’s identity network and AI-era proof-of-humanity thesis. NEAR recently traded near $2.18, while WLD traded near $0.64.

That makes Hayes’ exit less about one token and more about a basket of AI-adjacent crypto exposure. His view is that the trade has become crowded as capital chases AI infrastructure, AI IPOs, robotics, compute and identity narratives across both stocks and crypto.

Positioning Shifts Back Toward BTC And ETH

Hayes’ firm has kept Bitcoin and Ether exposure while reducing higher-beta tokens. That positioning matches a defensive rotation rather than a full exit from digital assets.

The shift also follows several fast Hayes-related portfolio headlines. A blockchain address attributed to him later added $2.63 million in ETH after the altcoin exit, while he publicly denied a reported HYPE repurchase after an onchain alert tied a fresh withdrawal to a wallet associated with him. Hayes responded to that claim by saying, “I didn’t buy shit.”

The latest status is that Hayes has framed the AI trade as a near-term liquidity risk, Maelstrom has cut HYPE, NEAR, WLD and ZEC exposure, and BTC and ETH remain the firm’s core crypto positions while markets test whether AI momentum has reached its late-cycle phase.

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