Hyperliquid’s HYPE token fell from record highs after BitMEX co-founder Arthur Hayes said he had exited his position despite recently calling for much higher prices. The move drew attention because HYPE remains one of crypto’s strongest performers this year, even as analysts warn the rally had become stretched.
Hyperliquid’s HYPE token fell from record highs after BitMEX co-founder Arthur Hayes said he had exited his position despite recently calling for much higher prices. The move drew attention because HYPE remains one of crypto’s strongest performers this year, even as analysts warn the rally had become stretched.
The sale mattered because Hayes had been one of Hyperliquid’s most visible supporters and had recently repeated a $150 price target for HYPE. His exit prompted criticism from traders who questioned the timing of the sale so soon after bullish public comments.
Hyperliquid’s HYPE token pulled back after Arthur Hayes, co-founder of BitMEX and chief investment officer at Maelstrom, said he had sold his entire HYPE position. CoinDesk reported that the token fell to about $67 after reaching record highs near $75, while still remaining sharply higher since mid-May.
The sale mattered because Hayes had been one of Hyperliquid’s most visible supporters and had recently repeated a $150 price target for HYPE. His exit prompted criticism from traders who questioned the timing of the sale so soon after bullish public comments.
Hayes said the decision was driven by broader market caution rather than a changed view on Hyperliquid itself. He pointed to rising energy prices linked to the Iran conflict, expected AI IPO activity and the possibility that financial markets could peak between now and September.
Hyperliquid has become one of the market’s standout crypto stories this year. Its blockchain-based perpetual futures exchange uses an onchain order book and, according to CoinDesk, has cleared about $40 billion in weekly perpetuals volume while holding roughly $1 billion in spot assets.
Still, the pace of HYPE’s rally has raised valuation questions. CoinDesk cited 10x Research founder Markus Thielen, who said the token’s 100% monthly gain had left it overextended in the short term, even while describing Hyperliquid as one of crypto’s more impressive businesses. The report also noted concerns around projected fee revenue, lower protocol revenue versus prior peaks and a large token unlock scheduled for June.
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