Arthur Hayes, co-founder of BitMEX and current head of crypto venture fund Maelstrom, has sold his personal holdings of Hyperliquid's HYPE tokens shortly after predicting the asset could surge 126-fold by 2028.
Ferrari Purchase and Blockchain Verification
Blockchain analytics platform Lookonchain reported that Hayes disposed of 96,628 HYPE tokens valued at approximately $5.1 million, realizing a profit of about $823,000 (19%) within one month.
Hayes confirmed the transaction with characteristic humor, posting on X: "Need to pay my deposit on the new Rari 849 Testarossa." This statement triggered criticism from traders who accused him of promoting HYPE in August before swiftly exiting his position.
On Monday, Hayes defended his actions, explaining the sale was motivated by concerns highlighted in his firm's analysis. "This is why we dumped $HYPE today. But don't worry 126x is still possible 2028 is a long way off," he stated.
Maelstrom Warns of $11.9 Billion Token Unlock
Maelstrom published a detailed analysis warning of HYPE's "first true test" beginning November 29th, when 237.8 million HYPE tokens will start vesting linearly over two years.
This unlock schedule will release nearly $500 million worth of tokens monthly at current prices around $50 per token, totaling $11.9 billion entering circulation. The firm estimated Hyperliquid's buyback program could absorb only 17% of this flow, potentially leaving $410 million monthly oversupply.
Long-Term Outlook Despite Short-Term Moves
Despite the token sale, Hayes reaffirmed his long-term bullish outlook, characterizing the upcoming unlock as a challenge rather than a catastrophic event. He maintains that Hyperliquid represents a "decentralized Binance" and could achieve significant growth by 2028.
Hyperliquid has emerged as a leading decentralized perpetual futures platform, with HYPE tokens playing crucial roles in governance, staking, and fee distribution mechanisms.