Arthur Hayes-linked wallet sells HYPE at $54 then buys back near $62
On-chain tracking shows a wallet linked to BitMEX co-founder Arthur Hayes completed a “sell-low, buy-high” trade in Hyperliquid’s HYPE. After depositing 115,453 HYPE worth about $6.33M into Bybit, it effectively sold at an average $54.81 per token (around May 23). Then the same wallet withdrew 85,714 HYPE back from Bybit at $62.69 per token roughly three hours before the investigation was published, paying about $62.
The sequence aligns with prior headlines: Hayes publicly reiterated a bullish $150 HYPE target for August 2026, yet the wallet activity looked like selling at first glance—until the buyback confirmed the intent.
Market context: HYPE hit an all-time high of $64.24 on May 24. The article cites strong activity for Hyperliquid, including $1.2B+ 24-hour volume, $176B+ in 30-day trading volume, and open interest above $8B. Hyperliquid is also described as highly profitable, with $896M+ revenue over the last 12 months.
Hayes-linked attribution adds position exposure: the wallet is reported to hold a 504.4 BTC long (≈$38.9M) and a 57,460 ZEC short currently at a loss. The links are analyst clustering, not direct confirmation by Hayes. Overall, the HYPE back-in trade suggests continued conviction rather than simple distribution.
Bullish
This is rated bullish because the key HYPE transaction pattern ended with a buyback at higher prices, which is typically consistent with conviction during a rally. Similar “sell-then-repurchase” behaviors have historically reduced the odds of immediate large-scale dumping: early deposits to exchanges can be misread as liquidation, but a subsequent withdrawal and repurchase often signals the trader intends to maintain exposure rather than fully exit.
In the short term, the confirmed buyback can support HYPE sentiment and reduce fear of an overhang, especially after the token’s all-time high at $64.24. It may also encourage momentum traders to stay long while watching for follow-up wallet activity.
In the long term, the narrative reinforcement matters: Hayes’ $150 HYPE target aligns with Hyperliquid’s revenue model described in the article (fees flowing toward buybacks). If HYPE market structure continues to reward that model, rallies could extend.
Risk remains moderate/neutral-neutral: the wallet attribution is analyst-based, and the wallet still holds mixed positions (BTC long, ZEC short). Any future re-deposit or additional hedging could create volatility, so traders should monitor HYPE flows and exchange deposits closely.