Arthur Hayes Exits NEAR, Worldcoin, and Zcash, Rotates Capital to Energy Stocks and Treasuries

According to his latest essay on Arthur Hayes Substack, the crypto trader has exited positions in NEAR, Worldcoin, Zcash, and Hyperliquid while rotating capital toward Treasuries and energy stocks. Hayes attributes the shift to AI-related debt absorbing liquidity and creating less favorable conditions for higher-volatility altcoin trades.

Hayes maintains his core bullish stance on Bitcoin and Ether, framing the portfolio adjustment as a more defensive posture during periods of tight liquidity rather than a broad crypto exit. He argues that if liquidity conditions remain constrained, altcoins relying on strong narrative flows may face headwinds while larger assets like BTC and ETH are better positioned to weather near-term market pressures.