Arthur Hayes Dumps $5.1M HYPE Bag Weeks After 126x Call, Says He is Buying a Ferrari

Arthur Hayes has offloaded his entire $5.1 million HYPE position less than a month after predicting the token could rally 126x. The BitMEX co-founder confirmed the sale himself, quipping that the profit would help cover a deposit on his new Ferrari Testarossa. 

Arthur Hayes Sells Despite Bullish HYPE Outlook

According to Lookonchain data, BitMEX co-founder Arthur Hayes sold 96,628 HYPE tokens for a $5.1 million return. This translated to a profit of about $823,000, which is just 19.2% above his entry price. 

This comes just weeks after Hayes made a bullish projection for the token. He told attendees at the WebX Asia conference that the token could soar 126 times. He attributed this potential growth to Hyperliquid’s expanding decentralized exchange revenues and its growing role in the stablecoin market.

The founder confirmed this sale, stating he needed the funds to purchase a new Ferrari Testarossa.

Need to pay my deposit on the new Rari 849 Testarossa https://t.co/PX7Hx0FuK9

— Arthur Hayes (@CryptoHayes) September 21, 2025

Arthur Hayes’ sudden exit has prompted speculation. Some investors believe he may be rotating into ASTER, a new token launched just three days before his sale. Crypto commentator Yoshitaka noted that the co-founder was among the most vocal supporters of HYPE, so his decision to cash out so quickly sent a strong message.

Arthur Hayes also shared why he sold off his holdings, quoting a Maelstrom research analysis. The research revealed that approximately 237.8 million HYPE tokens will vest linearly over 24 months. That’s nearly $500 million worth of new supply hitting the market each month, a scale they believe the market has yet to fully price in.

They also added that buybacks at current levels can only absorb around 17% of the incoming supply. This could result in an overhang of more than $410 million per month. This imbalance could place sustained selling pressure on the token.

This isn’t the first instance where he has voiced strong bullish views but acted differently with his portfolio. As CoinGape previously reported, Hayes sold more than $13 million worth of assets, including ETH, ENA, and PEPE, despite publicly predicting a “monster altseason.”

Critics have argued that the BitMEX co-founder’s public statements don’t always reflect his personal market activity.

HYPE Price Reaction to the Sale

The market response to Arthur Hayes’ sale was immediate. According to CoinMarketCap data, the token fell by 8.3% in the past 24 hours. The token is currently trading at $49.9, significantly underperforming the broader crypto market. 

Technical indicators further supported the bearish momentum.  The token’s MACD displayed bearish divergence, its RSI slipped towards oversold levels, and it broke below its $52–$53 support range.  Although analysts point out that if buyers return, a high selling volume could pave the way for a brief relief bounce.

This decline comes shortly after HYPE hit an all-time high of $53.44 earlier this month. The token capped a rally that drove its price more than 1,200% above late-2024 lows. 

Positive momentum had also been building after Native Markets won the mandate to manage the rollout of Hyperliquid’s USDH stablecoin. The decision was made after Hyperliquid stakers completed the voting.

These milestones highlight the fundamental progress of the Hyperliquid ecosystem, even during its latest short-term price swings.