Arthur Hayes, co-founder of BitMEX, made headlines by selling his entire holdings in Hyperliquid and NEAR just three days after placing a $100,000 bet that HYPE would outperform the top ten cryptocurrencies by year-end. He cited four macroeconomic factors influencing his decision: rising energy prices due to the Iran war, the anticipation of three major AI IPOs, a prediction that former President Donald Trump would turn anti-AI to secure midterm elections, and an expectation of market highs before September. Following his exit, Hayes transferred around $18 million in HYPE to the market maker Flowdesk. Despite Hayes' move, HYPE ETFs continue to thrive, attracting net new investments while other crypto ETFs, including Bitcoin, Ethereum, and Solana, experience outflows. Citi noted that ETF flows are a significant indicator of Bitcoin's weekly price movements, attributing 45% of these changes to investor adoption trends. The ongoing negative sentiment in the market is expected to persist as ETF flows remain low and legislative efforts like the CLARITY Act stall in Congress.