Ethereum News Today: Arthur Hayes Sees 126x HYPE Token Surge on Stablecoin Market Grab

Arthur Hayes, co-founder of BitMEX, has projected a 126x upside for the Hyperliquid token (HYPE), citing the platform’s rapid growth and expansion in the decentralized exchange (DEX) market. During a keynote at the WebX 2025 conference in Tokyo, Hayes outlined a bullish case for HYPE, emphasizing the potential of Hyperliquid to capture a significant share of the global stablecoin market. His forecast is based on an analysis that anticipates a $10 trillion stablecoin supply by 2028, with Hyperliquid securing 26.4% of the associated trading volume. This would push the DEX’s annualized fees from $1.2 billion to $258 billion, according to Hayes' calculations [2].

Hyperliquid, a decentralized exchange for perpetual futures, has already demonstrated strong growth metrics. As of the latest data, the platform’s total open positions reached an all-time high of 198,397, while open interest exceeded $15 billion. Total wallet equity hit $31 billion, and DEX volume hit a record $1.56 billion over the weekend. Additionally, transaction fees for the platform have surged to a monthly high of $93 million, aligning with Hayes’ expectations for increased usage and demand [2]. These figures highlight the platform’s growing influence in the decentralized derivatives market, where it has already captured over 75% of the decentralized perpetual exchange volume, surpassing earlier market leaders such as dYdX [2].

The HYPE token itself has exhibited robust performance, with a 296.08% increase in price over the past year and a 16.57% gain over the last week. As of the latest report, the token is trading at $48.23, with a market capitalization of $16.11 billion and a fully diluted valuation (FDV) of $48.24 billion. The circulating supply of HYPE stands at 334 million out of a maximum supply of 1 billion, leaving significant room for future dilution and price appreciation. The token’s 24-hour trading volume has increased by 78% to $278 million, further signaling strong market interest [1].

Hayes’ forecast is not the only indication of the token’s potential. Hyperliquid has already overtaken major exchanges such as Coinbase and Bybit in terms of BTC spot trading volume, with recent 24-hour trading activity surpassing the combined totals of these platforms. This performance has been supported by high-profile institutional activity, including large-scale BTC deposits and ETH withdrawals, and movements of assets from regulated players like USDC issuer Circle. Ryan Watkins of Syncracy Capital noted that Hyperliquid’s BTC spot 24-hour volume has surpassed the combined totals of Coinbase and Bybit [3].

From a valuation perspective, Hayes applied a 5% discount rate to calculate the terminal value of HYPE token revenues at $5.161 trillion. Given the token’s current FDV of $41.05 billion, this creates the 126x upside potential that Hayes outlined at the conference. This projection is significantly higher than previous forecasts for the HYPE token, which had targeted a price of $100. The token has already rallied 300% from its April lows, reaching a price of $45, and now ranks among the top 15 cryptocurrencies by market capitalization [3].

Hayes’ renewed confidence in Ethereum has also influenced his investment strategy, with the BitMEX co-founder recently adding over 1,700 ETH to his portfolio. His strategic shift reflects broader optimism for crypto-native assets, particularly those aligned with macroeconomic trends in the U.S. While he remains bullish on both Ethereum and Solana, he expressed a stronger preference for ETH, anticipating greater upside potential for the asset in the current market cycle [4].

Source: [1] Hyperliquid Price, HYPE Price, Live Charts, and Marketcap (https://www.coinbase.com/price/hyperliquid) [2] Hyperliquid spikes as Arthur Hayes predicts 126x upside in ... (https://cointelegraph.com/news/hyperliquid-hype-spikes-arthur-hayes-predicts-126x-upside) [3] Arthur Hayes Gives 126x Upside Potential for Hyperliquid ... (https://coingape.com/arthur-hayes-gives-126x-upside-potential-for-hyperliquid-at-a-massive-5-trillion-fdv/) [4] Arthur Hayes Sees $20K ETH Ahead, Why He's Backing ... (https://cryptopotato.com/arthur-hayes-sees-20k-eth-ahead-why-hes-backing-ethereum-over-solana/)