BitMEX co-founder Arthur Hayes adjusted his Hyperliquid (HYPE) portfolio on Sunday, September 21.
His newest transfer prompts questions on his skill to commerce with conviction whereas sustaining daring long-term forecasts.
Arthur Hayes Dumps $5.1 Million HYPE Weeks After Predicting 126x Surge
On September 21, Hayes bought 96,600 Hyperliquid (HYPE) tokens valued at round $5.1 million. Notably, he held this place for less than a month.
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Arthur Hayes Sells $5.1 Million Price of HYPE. Supply: hypurrscan.io
In response to on-chain information from Arkham Intelligence, the exit netted him roughly $823,000 in revenue, or about 19%.
However, the sale turned heads as a result of Hayes solely lately predicted that HYPE may rally as a lot as 126x over the approaching years.
Talking on the WebX Summit in Tokyo on August 25, he argued that the token may ultimately attain $5,000. The crypto government cited an explosive growth in stablecoin provide and retail urge for food for leveraged buying and selling.
Hyperliquid, a decentralized perpetuals trade that has processed billions in quantity, sits on the coronary heart of Hayes’ thesis.
He has described it as a “casino” designed for retail merchants chasing speculative positive factors in a risk-on surroundings.
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“This is the system that those in charge have chosen to create and the population is going along with it. I’m going to own the casino where the plebs are going to gamble,” Hayes mentioned in a podcast interview earlier this 12 months,” Hayes mentioned in a current podcast interview.
For some, his determination to exit HYPE so rapidly seems to contradict his moonshot projections.
By no means consider what folks say in crypto, solely what their actions present on chain
— Cal (@nftpho) September 21, 2025
Nonetheless, others see it in keeping with Hayes’ dealer mentality to take short-term income whereas nonetheless championing the mission’s long-term potential.
Did CZ and Aster Burst the Bubble for Hyperliquid Buyers?
In the meantime, others ascribe the transfer to Binance founder Changpeng Zhao (CZ), who lately promoted Aster. As BeInCrypto reported, the mission has introduced as an inadvertent market rival for Hyperliquid.
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“Well, he would have been right if CZ hadn’t launched Aster. That was not in the original thesis. When conditions change, traders adapt,” one person remarked.
Past the Binance trade government, the OKX trade’s CEO Star Xu additionally expressed cognizance of Aster as an inadvertent market rival within the perpetuals DEX house. Notably, Xu has since taken down the publish.
OKX CEO Star mentioned Hyperliquid has proven that onchain perps can succeed even with small groups, with rivals like Aster now coming into the house. OKX Web3 has examined the same product since 2023 however held again mainnet launch over regulatory considerations. Star cautioned that whereas…
— Wu Blockchain (@WuBlockchain) September 21, 2025
However, the sale coincided with a dip of just about 5% in HYPE’s worth, exhibiting how intently the market tracks his strikes.
The drop doubtless comes as different merchants soar ship as effectively, with Lookonchain flagging a whale withdrawing $122 million price of HYPE, probably in readiness to e book income.
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“A whale (likely Techno_Revenant) withdrew all 2.39 million HYPE ($122 million) 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 likely approximately $12 and is now sitting on over $90 million in unrealized gains,” Lookonchain reported.
In the meantime, Hayes has not completely stepped away from DeFi danger. Knowledge from Arkham exhibits that he accrued almost $1 million price of Ethena’s ENA token in simply two days, forward of Hyperliquid’s vital vote on USDH integration.
Ethena Labs, backed by BlackRock, has processed over $23 billion in redemptions and pledged 95% of USDH income again to Hyperliquid.
DeFi researcher Sherif suggests Hayes’ ENA purchases sign a broader strategic guess on the ecosystem’s progress relatively than a easy exit from HYPE.
Finally, Hayes’ buying and selling exercise displays the duality of a market operator, banking positive factors at the moment whereas nonetheless promoting the imaginative and prescient of tomorrow. It additionally highlights the influence narrative has available on the market.
Whereas HYPE may ultimately fulfill Hayes’ 126x prediction, the influence of CZ and Aster can’t be missed. Nonetheless, Hayes’ transfer demonstrates a willingness to play either side of the commerce.
