Hayes Sells HYPE Tokens for Ferrari Deposit, Price Slumps
Arthur Hayes, co-founder of BitMEX, sold 96,628 HYPE tokens on September 21. The on-chain sale converted into about $5 million, delivering a 19% profit. Traders saw the sale as whale profit-taking. HYPE token price slipped 7.6–12% in the hours after.
Hayes said he used part of the proceeds to pay a deposit on a new Ferrari 849 Testarossa. Market analysts warn of supply overhang as 238 million HYPE tokens vest starting November 29. The monthly unlocks could add $410 million in tokens that buyback programs may not fully absorb.
A separate large holder, Techno Revenant, also moved 2.39 million HYPE tokens, stoking further selling fears. In the short term, the HYPE token faces volatility from whale exits and token unlocks. However, Hayes remains confident. He projects a 126x price target by 2028, citing fee growth on the Hyperliquid derivatives exchange to drive long-term gains.
Bearish
The HYPE token sale led by Arthur Hayes and subsequent large transfers have intensified selling pressure. The 96,628-token sale triggered a 7.6-12% price drop, reflecting immediate whale exit and profit-taking. Looming unlocks of 238 million tokens starting November 29 add further bearish supply overhang. In the short term, these factors portend continued volatility and downward pressure. Over the long term, Hayes’ projected fee-driven growth on Hyperliquid and a 126× 2028 target suggest potential recovery. However, the current news weighs more heavily on HYPE token’s price, leading to a bearish outlook.