Arthur Hayes Dumps $5.1M HYPE Just Weeks After 126x Call

Arthur Hayes has sold his entire $5.1 million HYPE position less than a month after predicting the token could rally 126x, saying the funds would “pay my deposit on the new Rari 849 Testarossa.”

The sale helped trigger a 9% plunge in the Hyperliquid price, and netted Hayes just 19% in profit ($823k), in stark contrast to the stratospheric gains he had predicted.

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

— Arthur Hayes (@CryptoHayes) September 21, 2025

HYPE dropped to its support range of $52-$53, and it’s now trading around $48.5. Such a decline marked a pause in its recent upward trend, which had seen the token rally over 1,200% since late 2024.

Hayes had shared his bullish outlook on HYPE during a speech at the WebX Asia conference. He attributed its potential to Hyperliquid’s expanding decentralized exchange revenues and its growing role in the stablecoin market.

Hayes Says Market Hadn’t Price In Massive Incoming Supply

Hayes cited research by Maelstrom to justify his exit, warning that the market has yet to price in a massive incoming supply of HYPE.

The firm projects 237.8 million tokens will vest linearly over the next two years, or almost $500 million each month. Even after buybacks, roughly $410 million per month would hit the market, potentially creating sustained selling pressure.

”This is why we dumped $HYPE today,” he said. “But don’t worry 126x is still possible 2028 is a long way off.”

Crypto commentator Yoshitaka noted that the co-founder was among the most vocal supporters of HYPE, so his decision to cash out so quickly sent a strong message.

Hayes’ selling comes as other traders jump ship, with Lookonchain flagging a whale withdrawing $122 million worth of HYPE, possibly in readiness to book profits.

A whale (likely @Techno_Revenant) withdrew all 2.39M $HYPE($122M) 4 hours ago and could be selling for profit at any time.

On-chain data shows these $HYPE were bought 9 months ago by the main wallet 0x316f…e678, which is tagged as @Techno_Revenant.

His estimated cost basis is… pic.twitter.com/X5y7YEqHHq

— Lookonchain (@lookonchain) September 21, 2025

Early Exit Raises Questions

But the early exit raised questions about the timing and motivation behind the sale, and triggered criticism on X.

Critics have argued that the BitMEX co-founder’s public statements do not always reflect his personal market activity. 

However, this isn’t the first instance where he has voiced strong bullish views but acted differently with his portfolio. 

In the past, Hayes sold more than $13 million worth of assets, including ETH, ENA, and PEPE, despite publicly predicting a “monster altseason.”

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