Arthur Hayes Restarts HYPE Buying as $1.1M Whale Adds; ETF Filing Signals BHYP

Published: 2026-04-12 11:05:50 |

Crypto trader Arthur Hayes (BitMEX co-founder) resumed buying Hyperliquid (HYPE) after about three months. Lookonchain reported a new on-chain purchase of 26,022 HYPE (around $1.1M). Hayes’ total position is now about 247,334 HYPE, worth roughly $10.44M, with unrealized gains near 27.22% (about $2.23M). He also reiterated a bullish target of $150 for HYPE by August 2026. A key narrative is Hyperliquid’s buyback-and-burn model: the protocol reportedly directs 97%–99% of annual trading fees (estimated near $1B) to open-market repurchases and burning of HYPE, creating a deflationary feedback loop tied to platform usage. ETF momentum is another catalyst. Bitwise filed an amended SEC registration with ticker BHYP and a 0.67% management fee, which analysts interpret as ETF launch progress. Grayscale previously submitted an S-1 to list a HYPE ETF on Nasdaq under ticker GHYP. However, near-term conditions are mixed. HYPE is down about 2% in the last 24 hours amid US–Iran ceasefire-related headlines. Broader DEX activity is also cooling: DefiLlama shows March DEX spot volume fell 23.9% to about $212B (lowest since Oct 2024), and monthly perpetual DEX volumes dropped to $699B from a $1.369T peak in Oct 2025. For HYPE traders, this is whale-positive (Hayes restart + potential ETF catalysts), but weakening DEX volumes may challenge how consistently buybacks can support price in the short run.

Bullish

Hayes restarting HYPE buying is an immediate, whale-level demand signal and is likely to support near-term sentiment. On top of that, Bitwise’s amended SEC filing (BHYP) and the earlier Grayscale S-1 (GHYP) add ETF-related optionality that can attract incremental capital if approvals move forward. For longer-term traders, Hyperliquid’s fee-to-buyback-and-burn structure provides a plausible supply-reduction mechanism linked to platform usage, supporting the bull thesis for HYPE. The main offset is the cooling market backdrop: HYPE is slightly down and DEX spot/perpetual volumes have fallen materially. That can reduce how strongly buybacks translate into price momentum in the short term. Still, the balance of catalysts favors upside bias for HYPE rather than downside.