Arthur Hayes Dumps 96,628 HYPE Tokens as $11.9B Unlock Looms

Highlights:

• BitMEX co-founder sells entire HYPE stake, gaining substantial profit from the sale.
• Hyperliquid’s HYPE surged over 600% since launch despite a recent short-term price drop.
• Analysts warn $11.9 billion in upcoming HYPE unlocks could trigger strong selling pressure.

Arthur Hayes, co-founder of BitMEX, has sold off his full holding in Hyperliquid (HYPE). The timing stands out since it comes only weeks after one of his strongest bullish predictions this year. While speaking at the WebX Summit in Tokyo on August 25, Hayes suggested that HYPE could rise up to 126 times its present value in the years ahead. He described the token as a potential major force within the decentralized finance space. The BitMEX co-founder also argued that ongoing fiat debasement would boost stablecoin adoption and could lift Hyperliquid’s annualized fees to $255 billion, a sharp rise from $1.2 billion at the time.

Watching @CryptoHayes predict HYPE pumping 126x in Tokyo.

Hyperliquid. pic.twitter.com/PL8xI0gcsB

— Alex Svanevik 🐧 (@ASvanevik) August 25, 2025

Hayes Takes Profits with Lighthearted Ferrari Remark

After taking profits, Hayes shared a lighthearted post on X about paying a deposit for a “Rari 849 Testarossa.” The comment suggested his decision was mainly about enjoying personal gains, rather than showing any loss of belief in Hyperliquid’s future. Reports show he unloaded 96,628 HYPE tokens worth about $5.1 million. The sale earned him close to a 20% profit, giving Hayes more than $800,000 in gains.

Need to pay my deposit on the new Rari 849 Testarossa https://t.co/PX7Hx0FuK9

— Arthur Hayes (@CryptoHayes) September 21, 2025

HYPE serves as the native token of Hyperliquid, a decentralized derivatives exchange that has experienced rapid growth in trading.HYPE is the native token supporting the Hyperliquid decentralized derivatives exchange. 

HYPE Shows Strong Growth Despite Short-Term Price Dip

At the time of writing, HYPE traded at $49.05, showing a 24-hour drop of about 7.73%. Even so, the token has surged an impressive 660% since its late-November launch price of $6.51. The decentralized exchange also recorded strong growth in trading volume last month. According to DefiLlama, activity rose from roughly $560 million at the beginning of August to a record $3.4 billion on August 24.

Hayes has not said if he will buy HYPE again. His market views change often. Last week, he said crypto may soon move “up only.” He pointed to the U.S. Treasury’s $850 billion account fill as a driver of liquidity. He also predicted Bitcoin could reach $250,000 by the end of 2025. This added to his name for bold calls.

On crypto X, critics drew attention to the gap between influencer commentary and actual on-chain behavior. For now, Hayes’ flashy Ferrari remark shows that profit-taking came before long-term conviction. This has left investors wondering if his HYPE prediction was true insight or just showmanship.

Maelstrom Warns HYPE Could Face Selling Pressure from $11.9B Unlocks

HYPE may face a big test soon. About $500 million in monthly token unlocks will start on Nov. 29, according to research from Arthur Hayes’ family fund, Maelstrom. The 24-month vesting schedule will mark HYPE’s “first true test,” Maelstrom said. The schedule will release $11.9 billion in HYPE for team members over 24 months. Analysts warn this could cause strong selling pressure.

After his first comments, Hayes said he still sees HYPE as a project with strong momentum. He pointed to rising trading volumes, a growing ecosystem, and high demand for its stablecoin USDH.

This is why we dumped $HYPE today. But don’t worry 126x is still possible 2028 is a long way off. https://t.co/VLSISNzbcc

— Arthur Hayes (@CryptoHayes) September 22, 2025