The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
In a move highlighting the profound impact of whale activity on digital asset stability, NEAR Protocol experienced a sharp sell-off, with its price plunging between 17% and 24%. This dramatic decline followed the news that Arthur Hayes, co-founder of BitMEX, liquidated his entire investment position in the token. According to reports, Hayes exited holdings valued at approximately $134 million, leading to an immediate loss of investor confidence and a rapid contraction in the token's market value.
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Sign InThis mass liquidation occurs at a sensitive juncture for the altcoin market, as investors closely monitor institutional exits for directional cues. Compared to peers, NEAR's decline outpaced the volatility seen in competitors like Solana and Avalanche during the same window, per market data. Reports from Blockonomi indicate that Hayes' exit was not limited to NEAR but also included positions in Hyperliquid, suggesting a broader portfolio reallocation strategy by the high-profile figure.
Looking ahead, traders are watching for NEAR to establish new support levels to stabilize following this price shock, especially with few crypto-specific catalysts in the immediate economic calendar. However, market participants should keep a close eye on Fed Chair Powell's speech scheduled for May 31, 2026, as any shifts in monetary policy sentiment could influence broader risk appetite and dictate the recovery trajectory for major altcoins.