NEAR Protocol (NEAR) Plunges 17% Following Arthur...

Table of Contents NEAR Protocol experienced a devastating selloff of nearly 17% on June 4, 2026, marking it as among the day’s most significant losers in the cryptocurrency market. The dramatic price collapse was primarily attributed to Arthur Hayes, the BitMEX co-founder, publicly disclosing his decision to liquidate all his NEAR and Hyperliquid holdings. Hayes made his strategic withdrawal public, outlining three primary catalysts: escalating energy prices connected to ongoing Iran military operations, three major artificial intelligence corporations planning initial public offerings ahead of early Q3, and concerns that President Donald Trump might adopt an antagonistic stance toward AI technology. He indicated a comprehensive analysis would appear in his upcoming essay titled “Reality Test,” scheduled for release the subsequent Tuesday. Blockchain monitoring platform Lookonchain verified that Hayes liquidated 247,334 HYPE tokens, generating approximately $18.02 million in proceeds. While the precise volume of NEAR tokens sold remained undisclosed, the mere public acknowledgment of the transaction significantly undermined market confidence in the asset. Hayes had earlier expressed bullish sentiment, projecting HYPE could climb to $150. His abrupt reversal toward a defensive posture follows an extended bull run. In response to community inquiries, he noted, “I’ll be back,” indicating the withdrawal represents a strategic repositioning rather than a complete abandonment of the asset. I just dumped my entire $HYPE and $NEAR position, I will explain why in my essay "Reality Test" dropping next Tuesday. TLDR:– Higher energy prices due to Iran war and inventory restocking– 3 Mega AI IPOs between now and early Q3– Prediction that Trump goes anti-AI to win… — Arthur Hayes (@CryptoHayes) June 4, 2026 NEAR futures trading activity surged past $2.8 billion during the selloff day, yet open interest simultaneously contracted by more than 21% to approximately $543 million. This divergence — elevated trading volume paired with declining open interest — characteristically indicates traders are liquidating leveraged positions rather than initiating fresh trades. This market behavior reflects a broader flight to safety across the cryptocurrency derivatives landscape, extending beyond just Hayes-related selling pressure. Technically, NEAR Protocol had already shown weakness prior to the announcement. The token encountered strong resistance within the $3.00–$3.10 zone before reversing lower. It subsequently breached key short-term moving averages, placing bullish traders in a vulnerable position. At press time, NEAR was changing hands around $2.05, representing approximately a 12.8% decline. The $2.00–$2.01 zone has emerged as the critical battleground for near-term price action. Should this support level prove resilient, a technical rebound toward $2.20–$2.30 becomes feasible. Any meaningful recovery would necessitate reclaiming the $2.55 threshold. Conversely, a breakdown below $2.00 would likely trigger a test of support near $1.73, with an additional consolidation zone stretching between $1.45 and $1.65. NEAR currently trades beneath its short-term momentum indicators, with the $2.00 threshold serving as the decisive near-term support benchmark.