- BitMEX co-founder Arthur Hayes sold his entire HYPE holdings worth US$5.1 million, initially “claiming” he wanted to buy a Ferrari with the proceeds.
- Despite previously arguing HYPE could soar 126X, Hayes warned the token faces its first major test as US$12 billion in team unlocks hit the market.
- HYPE’s price crashed nearly 10% in 24 hours to US$49.20, contributing to broader crypto market declines affecting Bitcoin, Ethereum and other major tokens.
- Hayes predicts crypto markets will turn bullish once the US Treasury fills its General Account to US$850 billion, though analysts like André Dragosch remain sceptical of this correlation.
BitMEX co-founder Arthur Hayes has just sold his entire stake in Hyperliquid (HYPE). This comes only a month after he argued that the 11th-largest cryptocurrency could soar 126X. Initially, Hayes tweeted that he had sold in order to buy a Ferrari.
It appears that the well-known industry figure sold 96,628 HYPE tokens, valued at around US$5.1 million (AU$7.7 million). This netted Hayes a return of almost 20%, amounting to more than US$800k (AU$1.2 million).
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Hype Faces “First True Test”, Says Hayes
After his initial remarks, Hayes explained that he still sees HYPE as a project with extraordinary momentum — with booming volumes, an expanding ecosystem, and even a frenzied bidding war for its stablecoin USDH.
However, he also warned that it faces its first serious test, as nearly US$12 billion (AU$18.2 billion) in team unlocks are set to hit the market, far outpacing current buybacks.
With the crown comes the Sword of Damocles: HYPE is about to face its first true test.
Arthur HayesThe price of HYPE fell by almost 10% over the past 24 hours, and is currently trading at US$49.20 (AU$74.60) — down from its all-time high of US$59.39 (AU$90.05) just four days ago.
Alongside HYPE, the wider crypto market is also in the red. Bitcoin is down 2%, while Ethereum, XRP and Solana are each down about 6%.
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Up Only for Crypto?
In another post, Hayes claimed that crypto markets will turn bullish — or enter “up only” mode — once the U.S. Treasury finishes filling its General Account to US$850 billion (AU$1.3 billion), thereby freeing liquidity back into markets.
With this liquidity drain complete, up only can resume.
Arthur HayesWhile the TGA balance has already passed US$807 billion (AU$1.2 trillion), some analysts remain sceptical of Hayes’ forecast. Bitwise’s European head of research, André Dragosch, disagreed with Hayes, saying that “net liquidity has at best a loose correlation to Bitcoin and crypto.”
So, while Hayes views TGA flows as crucial to crypto’s direction — acting like a liquidity switch for the whole financial system — critics such as Dragosch argue they are mostly noise.
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