Arthur Hayes warned that Hyperliquid's core value driver—using trading fees to burn tokens—exposes the protocol to market share losses.

The crypto veteran blamed macro risks and AI mania for taking profits, drawing backlash from traders for selling well below his recent bullish forecasts.

Arthur Hayes sold his entire HYPE and NEAR positions, dumping 247,334 HYPE tokens worth $18M after previously betting $100K on HYPE outperforming the