Hayes Sells HYPE Stake Yet Vows 126x Surge by 2028 Amid Stablecoin Boom

Arthur Hayes, the former BitMEX CEO, has maintained his bullish stance on Hyperliquid’s HYPE token despite selling his entire stake in the asset, according to recent on-chain data and public statements. Hayes forecasts a 126x price increase for HYPE by 2028, pushing the token to $5,000 from its current level of approximately $45. This projection, first announced at the WebX 2025 conference in Tokyo, is anchored to the rapid expansion of the stablecoin market, which Hayes estimates could reach $10 trillion by 2028. Hyperliquid, a decentralized exchange (DEX) controlling roughly 80% of the decentralized perpetual futures market, is positioned to capture 26.4% of associated trading volume, translating to annualized platform revenue of $258 billion from today’s $1.2 billion Hyperliquid (HYPE) Price: Hayes Sees Path to …^[1].

Hyperliquid’s growth metrics underscore its dominance in the decentralized trading space. The platform reported all-time highs in open positions (198,397), open interest ($15 billion), and total wallet equity ($31 billion) in recent weeks. Weekend trading volume hit $1.56 billion, while monthly transaction fees reached $93 million, matching July’s record Arthur Hayes Sees 126x HYPE Gains by 2028 as De-Dollarization …^[2]. Hayes highlighted the platform’s ability to process up to $30 billion in daily volume, nearing Binance’s levels on certain trading pairs, and its second-place ranking in DEX monthly trading volume behind Uniswap Arthur Hayes Predicts 126x Gain for HYPE Token as Hyperliquid …^[3]. HYPE trading volume surged 112% to $295 million in the 24 hours following Hayes’ conference remarks, driving the token to a 2.1% daily gain Arthur Hayes Gives 126x Upside Potential for Hyperliquid At^[4].

Despite Hayes’ recent sell-off—liquidating a $5.1 million position in HYPE—his long-term thesis remains intact. On-chain data revealed Hayes netted $823,000 in profit from the trade, a 19.2% return on his initial purchase. He attributed the sale to short-term supply-side pressures, noting that nearly 238 million HYPE tokens will vest over 24 months, with buyback programs absorbing only 17% of the expected inflow. This creates a monthly supply overhang of $410 million, raising concerns among traders HYPE Drops 10% After Hayes Sells, Still Sees 126x by 2028^[5]. However, Hayes emphasized that the 126x target is still achievable, citing the platform’s expanding role in the stablecoin ecosystem and its potential to become the largest crypto trading venue by 2028.

The HYPE token has surged over 300% since April 2025, driven by strong institutional and retail adoption. Assets under management (AUM) recently exceeded $6.2 billion, and the token’s market capitalization now stands at $15.05 billion, ranking it among the top 15 cryptocurrencies by cap. Hayes’ revised price model incorporates a 5% discount rate, projecting HYPE’s terminal value at $5.161 trillion with a fully diluted valuation (FDV) of $41.05 billion, supporting his 126x forecast Arthur Hayes Predicts 126x Gain for HYPE Token as Hyperliquid …^[6]. Other large holders, including Techno Revenant, have also withdrawn substantial HYPE holdings, adding to near-term volatility HYPE Drops 10% After Hayes Sells, Still Sees 126x by 2028^[7].

While short-term challenges persist, Hayes’ analysis ties Hyperliquid’s success to broader macroeconomic trends. He argued that U.S. policies, including the proposed GENIUS Act, could accelerate stablecoin adoption, mirroring the Bretton Woods era’s dominance of U.S. financial instruments. The platform’s decentralized infrastructure, including its HIP-3 protocol for integrating liquid derivatives, positions it to outperform centralized exchanges in the stablecoin-driven trading landscape. Hayes also highlighted Ethena’s USDe stablecoin and Ether.Fi’s cash offerings as complementary projects that could further solidify Hyperliquid’s ecosystem Arthur Hayes Sees 126x HYPE Gains by 2028 as De-Dollarization …^[8].