Key Takeaways
- NEAR Protocol experienced a sharp 17% decline following BitMEX co-founder Arthur Hayes’ announcement that he liquidated his complete NEAR and Hyperliquid (HYPE) positions.
- Hayes attributed his exit to escalating energy costs connected to the Iran conflict, three significant AI company public offerings anticipated before Q3, and broader macroeconomic timing concerns.
- Blockchain analytics confirmed Hayes offloaded 247,334 HYPE tokens valued at approximately $18 million, though his NEAR sale quantity remains undisclosed.
- Open interest in NEAR futures contracts plummeted over 21% to $543 million, indicating traders are exiting positions rather than entering new ones.
- Critical price support for NEAR exists at the $2.00–$2.01 range, with a secondary support zone located near $1.73 if the current level fails.
NEAR Protocol experienced a devastating 17% price drop on June 4, 2026, positioning it among the day’s most severely impacted digital assets. The dramatic selloff was primarily sparked by Arthur Hayes, BitMEX’s co-founder, publicly disclosing his decision to completely exit his NEAR and Hyperliquid holdings.
Hayes made the announcement through public channels, outlining three specific factors driving his decision: increasing energy expenses linked to ongoing conflict with Iran, three major artificial intelligence companies preparing to go public before the third quarter begins, and concerns that President Donald Trump might adopt an anti-AI political stance. He indicated a comprehensive analysis would be published in an upcoming essay titled “Reality Test,” scheduled for release the subsequent Tuesday.
Blockchain monitoring platform Lookonchain verified that Hayes disposed of 247,334 HYPE tokens, generating approximately $18.02 million in proceeds. While the precise volume of NEAR tokens sold remained undisclosed, the public nature of Hayes’ announcement proved sufficient to destabilize market confidence.
Hayes had previously expressed bullish sentiment on HYPE, projecting it could achieve $150. His abrupt exit represents a significant pivot toward defensive positioning following an extended bullish run. Responding to a community member, he remarked, “I’ll be back,” implying the move is strategic and temporary rather than a permanent departure.
Futures Market Data Reveals Defensive Positioning
NEAR futures trading volume surged past $2.8 billion during the selloff day, yet open interest contracted by more than 21% to approximately $543 million. This pattern — elevated trading volume paired with declining open interest — traditionally signals that market participants are liquidating leveraged positions rather than initiating fresh trades.
This market behavior suggests a widespread shift toward risk aversion extending beyond Hayes’ individual actions.
Technical analysis reveals NEAR had been exhibiting weakness prior to this decline. The token faced rejection at the $3.00–$3.10 resistance barrier before reversing course. Subsequently, it breached critical short-term moving averages, placing bullish traders in a disadvantageous position.
Critical Support Zone Under Pressure for NEAR Price
At press time, NEAR was changing hands around $2.05, representing approximately a 12.8% decrease. The $2.00–$2.01 price zone now represents the critical threshold for near-term market participants.
Should this level maintain support, a rebound toward the $2.20–$2.30 range becomes feasible. Complete recovery would necessitate reclaiming the $2.55 level.
If the $2.00 threshold is violated, the subsequent support area emerges near $1.73, with a broader accumulation zone stretching between $1.45 and $1.65.
NEAR is presently positioned beneath its short-term momentum indicators, with the $2.00 level serving as the decisive near-term support threshold.
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