Hayes Sells HYPE After Forecasting 126x Surge, Sparking Sell-Off

Arthur Hayes, co-founder of BitMEX, has sold his entire HYPE token holdings of 96,628 units for $5.1 million, netting a $823,000 profit, according to on-chain data and analytics from platforms like Lookonchain and HypurrScan Cointelegraph^[1]. The transaction occurred on September 21, 2025, just weeks after Hayes publicly forecasted a 126x price surge for HYPE, projecting the token could reach $5,000 by 2028. The sale, which Hayes humorously attributed to funding a deposit on a Ferrari 849 Testarossa, triggered an immediate 7.6–8.3% price drop in HYPE, trading at $49.48 as of the report The CCPress^[2].

The Hyperliquid (HYPE) token, which powers the decentralized derivatives exchange, has seen significant growth since its November 2024 launch, surging 660% from its initial $6.51 price to a peak of $53.44 in late August 2025. Despite this rally, Hayes’ exit highlights the volatility of governance tokens, particularly when held by high-profile figures. The sale also coincided with a broader debate on crypto market dynamics, as some analysts noted the potential for increased selling pressure due to a planned 237.8 million HYPE token vesting over 24 months, creating a monthly supply overhang of approximately $410 million CoinGape^[3].

Hayes’ bullish thesis for HYPE, outlined in a recent podcast, centered on the stablecoin market’s potential to expand beyond $10 trillion, driving speculative trading and leveraging Hyperliquid’s role as a “casino” for retail investors. However, his decision to cash out contrasts with his public optimism, raising questions about the alignment between his statements and portfolio actions. This discrepancy echoes past instances where Hayes sold assets like ETH and ENA despite predicting a “monster altseason,” underscoring the complexity of market sentiment and profit-taking strategies among crypto influencers OurCryptoTalk^[4].

The market reaction to Hayes’ sale underscores the sensitivity of crypto assets to whale activity. Technical indicators for HYPE, including a bearish MACD divergence and a breakdown below key support levels, reinforced the bearish momentum following the transaction. Meanwhile, broader market context suggests that HYPE’s performance remains tied to Hyperliquid’s ecosystem developments, such as the recent partnership with Native Markets to manage its USDH stablecoin. These fundamentals, however, appear to have temporarily struggled to offset the short-term sell-off triggered by the co-founder’s exit Coinalyze^[5].

Looking ahead, Hayes has not indicated whether he will re-enter the HYPE market. His recent comments on broader crypto trends, including a prediction that Bitcoin (BTC) could reach $250,000 by year-end 2025, reflect a continued focus on macro-level forecasts. Yet, the HYPE sale serves as a cautionary example of how even vocal proponents may prioritize profit realization over long-term holding, regardless of their bullish narratives. For investors, the event highlights the dual nature of governance tokens as both speculative assets and indicators of protocol growth, with market reactions often influenced by on-chain actions rather than public statements alone Gate.com^[6].