BitMEX Co-Founder Arthur Hayes Sells $5.1M HYPE Position Despite Long-Term Bullish Outlook

Arthur Hayes, co-founder of BitMEX, has sold 96,628 HYPE tokens for $5.1 million, realizing a 19% profit within a month of purchase. The sale sparked backlash from traders who accused Hayes of orchestrating a pump-and-dump scheme, given his earlier prediction of a 126x rally for HYPE by 2028.

Hayes defended the move, citing research from his firm Maelstrom that identified $11.9 billion in upcoming token unlocks as a potential supply shock. The analysis suggests these unlocks could overwhelm market demand, creating headwinds for HYPE's price in the NEAR term.

Despite the sale, Hayes maintains his long-term bullish stance on HYPE. The transaction was disclosed via blockchain analytics platform Lookonchain, with Hayes quipping on social media that proceeds WOULD fund a deposit for a Ferrari Testarossa.