Key Highlights
- NEAR Protocol experienced a sharp 17% decline following Arthur Hayes’ announcement that he liquidated his complete NEAR and Hyperliquid (HYPE) positions.
- Hayes pointed to escalating energy costs related to the Iran conflict, three significant AI company IPOs scheduled before Q3, and broader macroeconomic timing concerns.
- Blockchain analytics verified Hayes offloaded 247,334 HYPE tokens valued at approximately $18 million, though his NEAR sale quantity remains undisclosed.
- Open interest in NEAR futures contracts dropped more than 21% to $543 million, indicating traders are liquidating rather than establishing new positions.
- Critical price support for NEAR exists at the $2.00–$2.01 range, with a secondary floor near $1.73 if that threshold fails.
NEAR Protocol experienced a dramatic decline of nearly 17% on June 4, 2026, ranking among the day’s most significant crypto losers. The sharp downturn stemmed primarily from BitMEX co-founder Arthur Hayes’ public disclosure that he had completely exited his positions in both NEAR and Hyperliquid.
Hayes made his exit strategy public, outlining three specific catalysts: escalating energy prices connected to the Iran military conflict, the anticipated public offerings of three major artificial intelligence companies before early Q3, and speculation that President Donald Trump might adopt a hostile political stance toward AI development. Hayes indicated that a comprehensive explanation would appear in his forthcoming essay titled “Reality Test,” scheduled for release the subsequent Tuesday.
Blockchain intelligence platform Lookonchain verified that Hayes liquidated 247,334 HYPE tokens for approximately $18.02 million. While the precise volume of NEAR tokens sold remained undisclosed, the public nature of his announcement alone proved sufficient to undermine market confidence in the asset.
Hayes had earlier expressed bullish sentiment on HYPE, projecting a potential price target of $150. His abrupt exit represents a notable pivot toward defensive positioning following an extended bullish period. Responding to a community member, he commented, “I’ll be back,” indicating the withdrawal may be temporary and strategically motivated rather than a permanent abandonment.
Futures Market Signals Growing Caution
NEAR futures trading volume surged past $2.8 billion during the selloff day, yet open interest simultaneously contracted by over 21% to approximately $543 million. This pattern — elevated volume coupled with declining open interest — characteristically signals traders are unwinding leveraged positions rather than initiating fresh bets.
This market behavior reflects a broader sentiment shift toward risk aversion, extending beyond Hayes’ individual trading decisions.
From a technical perspective, NEAR had already demonstrated weakness prior to the selloff. The token faced rejection near the $3.00–$3.10 resistance barrier before retreating. Subsequently, it breached key short-term moving averages, placing bullish traders in a vulnerable position.
Critical Support Zone Under Pressure
At press time, NEAR was changing hands around $2.05, representing an approximate 12.8% decline. The $2.00–$2.01 zone now represents the crucial battleground for near-term price action.
Maintaining this support level could enable a rebound toward $2.20–$2.30. A comprehensive recovery would necessitate reclaiming the $2.55 threshold.
Should $2.00 fail to hold, the subsequent support zone emerges near $1.73, followed by a broader accumulation territory spanning $1.45 to $1.65.
NEAR is presently positioned beneath its short-term momentum indicators, with the $2.00 level serving as the critical near-term support threshold.
