BitMEX co-founder Arthur Hayes sold his complete Hyperliquid (HYPE) token position on September 21, 2025. The sale generated $5.1 million and netted him approximately $823,000 in profit.
Hayes held 96,628 HYPE tokens for just one month before selling. His profit margin reached 19.2% according to blockchain data from HypurrScan and Arkham Intelligence.
Arthur Hayes(@CryptoHayes) just sold all 96,628 $HYPE($5.1M) he bought a month ago, making ~$823K(+19.2%).
During his speech at the WebX Summit on Aug 25, he predicted a 126x upside for $HYPE, but is now out with less than a 20% gain.https://t.co/B6z5x7dOsv pic.twitter.com/69s0ZzIIii
— Lookonchain (@lookonchain) September 21, 2025
The timing of the sale raised eyebrows across crypto communities. Hayes had recently predicted HYPE could rally 126x over the next three years at the WebX 2025 conference in Tokyo.
Hayes stated he needed funds for a Ferrari 849 Testarossa deposit. The luxury vehicle sells for up to $590,000 according to Ferrari’s official pricing.
HYPE trades at $49.48 at press time, down 8.1% in the past 24 hours. The token has gained 660% since launching at $6.51 in late November 2024.
Hyperliquid operates as a decentralized derivatives exchange. The platform has seen trading volume surge from $560 million in early August to an all-time high of $3.4 billion on August 24.
Market observers point to competition from Binance-backed Aster as a factor in Hayes’ decision. Changpeng Zhao recently promoted Aster as a rival perpetuals DEX platform.
OKX CEO Star Xu also acknowledged Aster as competition in the space. Xu later removed his social media post about the project.
OKX CEO Star said Hyperliquid has shown that onchain perps can succeed even with small teams, with competitors like Aster now entering the space. OKX Web3 has tested a similar product since 2023 but held back mainnet launch over regulatory concerns. Star cautioned that while…
— Wu Blockchain (@WuBlockchain) September 21, 2025
Hayes’ sale coincided with a 5% drop in HYPE price. Other large holders also moved tokens, with one whale withdrawing $122 million worth of HYPE tokens.
The whale, identified as likely being Techno_Revenant, bought tokens nine months ago at approximately $12. Current holdings represent over $90 million in unrealized gains.
Hayes has not completely exited DeFi investments. Data shows he purchased nearly $1 million worth of Ethena’s ENA tokens over two days.
Despite selling his position, Hayes maintains his bullish long-term outlook for HYPE. His $5,000 price target assumes continued fiat currency debasement will drive stablecoin market growth.
Hayes projects HyperLiquid’s annualized fees could reach $255 billion. Current annualized revenue stands at $1.2 billion.
The crypto executive describes Hyperliquid as a “casino” for retail traders. He believes retail demand for leveraged trading will continue growing.
Hayes has a history of making bold market predictions. He forecasts Bitcoin reaching $250,000 by the end of 2025.
In previous interviews, Hayes expressed confidence in his prediction methods. He told Cointelegraph Magazine he remains unfazed when predictions prove incorrect.
DeFi researcher Sherif suggests Hayes’ ENA purchases indicate broader ecosystem confidence. The moves may represent strategic positioning rather than a complete HYPE exit.
Ethena Labs has processed over $23 billion in redemptions and pledged 95% of USDH revenue to Hyperliquid. This integration could benefit the overall ecosystem Hayes originally backed.
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