BitMEX Co-Founder Arthur Hayes Sells HYPE Holdings for Ferrari Deposit, Triggers Market Dip

Arthur Hayes, co-founder of BitMEX, has liquidated a significant portion of his HYPE token holdings, netting approximately $5 million in proceeds. The move, executed late last week, saw Hayes sell 96,628 HYPE tokens—a transaction that yielded $823,000 in profit, marking a 19% gain on the position.

Market reaction was swift. HYPE’s price dropped 7.6–8.3% within hours of the sale, with some exchanges reporting declines as steep as 12%. Analysts attributed the dip to the size and timing of Hayes’ exit, which was flagged by on-chain trackers and amplified across social media.

Hayes hinted at the rationale behind the sale in a public post, citing a deposit payment for a new Ferrari 849 Testarossa. The remark, paired with on-chain data confirming the disposal, fueled speculation about his broader investment strategy.