- Trending
- Comments
- Latest
BitMEX co-founder Arthur Hayes has liquidated his entire stash of Hyperliquid (HYPE) tokens, less than a month after publicly forecasting massive long-term upside. The move, dubbed by Hayes himself as necessary to fund a Ferrari Testarossa deposit, has reignited scrutiny over how much weight investors should give to high-profile market calls.
Blockchain tracker Lookonchain reported on Sept. 21 that Hayes sold 96,628 HYPE tokens for around $823,000 in profit, netting a 19.2% gain according to HypurrScan. At the time of writing, HYPE trades near $49.48 which is down 8% in 24 hours but still up over 660% since its November launch at $6.51.
For many observers, the abrupt exit highlights the tension between Hayes’ bullish rhetoric and his onchain behavior. The Arthur Hayes hype holdings saga underscores a broader theme in crypto: investors often follow influential voices, even when actions tell a different story.
Just weeks before the sale, Hayes told the WebX 2025 conference in Tokyo that Hyperliquid could grow into a $255 billion annual revenue machine, predicting its HYPE token would surge 126x within three years. The decentralized derivatives exchange has already posted impressive growth, with trading volumes jumping from $560 million in early August to an all-time high of $3.4 billion on Aug. 24, according to DefiLlama.
Hayes based his outlook on continued fiat currency debasement and stablecoin adoption, suggesting that Hyperliquid’s fee revenue could scale dramatically.
As liquidity shifts into crypto-native platforms, protocols like Hyperliquid are positioned to capture unprecedented volumes, he said at the event.
Yet his sale of the Arthur Hayes hype holdings appears to conflict with those projections, leaving some investors questioning whether the forecast was more aspirational than actionable.
Hayes has not publicly confirmed whether he plans to repurchase HYPE. His track record includes both prescient and off-mark predictions. Just last week, he claimed in an X post that crypto markets would soon enter “up only mode” after the U.S. Treasury hit its $850 billion General Account target.
He has also forecast that Bitcoin could reach $250,000 by the end of 2025. In a June interview with Cointelegraph Magazine, Hayes admitted he does not shy away from making bold calls, even if they miss. “I don’t know why people are hesitant to do it; it doesn’t really matter at the end of the day,” he said.
Some traders argue that the sale of the Arthur Hayes hype holdings is more a reflection of short-term profit-taking than a change in long-term conviction. Others, however, point to it as a reminder to track what influential figures do onchain, rather than only what they say in public forums.
The rapid liquidation of the Arthur Hayes hype holdings illustrates the complexities of navigating markets influenced by personality-driven narratives. As with many sectors in crypto, perception and speculation often weigh as heavily as fundamentals.
Augustine Fan, head of insights at crypto analytics firm SignalPlus, told CoinDesk: “It’s crucial for investors to distinguish between promotional enthusiasm and actual conviction. Token sales by insiders or early supporters should always be scrutinized carefully.”
Meanwhile, Jeff Mei, COO at BTSE, added: “There’s nothing inherently wrong with profit-taking, but when public predictions and private actions diverge, trust can erode quickly. Transparency matters.”
For crypto investors, the Arthur Hayes hype holdings episode serves as both a cautionary tale and a case study in how market narratives evolve. Even as Hyperliquid continues to post strong user metrics, questions about Hayes’ exit linger.
Hyperliquid’s growth trajectory remains notable, with expanding trading activity and a surging token price relative to launch. But the fallout from the Arthur Hayes hype holdings sale underscores the need for investors to weigh fundamentals alongside influencer behavior.
As the sector matures, credibility may become as important as innovation. For now, Hayes’ Ferrari-fueled cash-out leaves both skeptics and supporters debating whether his actions signal a lack of conviction or simply a well-timed profit grab in a volatile market.
