The recent price drop of NEAR can be attributed to multiple factors, including macroeconomic conditions, the exit of BitMEX co-founder Arthur Hayes from his position in the cryptocurrency, and a highly leveraged altcoin market going through a long-liquidation cascade.
The strongest-than-expected US labor report for May led to a selloff across the whole crypto market, with Bitcoin briefly falling below $60,000. This macro-driven selloff has put pressure on risk assets, including NEAR, which dropped by 10% over the last ~24-25 hours.
The exit of Arthur Hayes from his position in NEAR is also seen as a contributing factor to the price drop. As a highly visible trader and commentator, Hayes' earlier bullish theses helped spotlight NEAR and HYPE, making his exit a significant event that has added sell pressure to the cryptocurrency.
Additionally, a highly leveraged altcoin market going through a long-liquidation cascade has amplified moves in names like NEAR. This leverage flush is characterized by the liquidation of over-leveraged long positions, which has accelerated the price drop until enough shorts were in and longs were flushed out.