BitMEX Co-founder Arthur Hayes Dumps HYPE for a Ferrari, Then Tells Followers Not to Worry

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What to know:

  • Arthur Hayes sold about $5.1 million worth of HYPE tokens on Sept. 21, booking a 19% gain one month after predicting a 126x rally.
  • Hayes said the sale was partly to fund a Ferrari deposit, while Maelstrom, his investment firm, warned of looming $11.9 billion token unlocks starting in November.
  • Despite trimming his stake, Hayes insisted on X that HYPE could still see massive upside by 2028, calling the supply overhang a short-term test.

Arthur Hayes, the BitMEX co-founder who now runs crypto venture fund Maelstrom, sold his personal stash of Hyperliquid’s HYPE tokens just weeks after predicting the asset could rally 126-fold. How quaint, right?

Ferrari jokes and blockchain receipts

Blockchain analytics service Lookonchain reported on Sunday that Hayes unloaded 96,628 HYPE – worth about $5.1 million – booking a profit of roughly $823,000, or 19%, in a month. Talk about selling high, right?

Not long after, Hayes confirmed the move with his trademark irreverence, posting on X: “Need to pay my deposit on the new Rari 849 Testarossa.” Ah, yes, the rich man’s version of “I’m buying a coffee.” The comment fueled backlash from traders who accused him of pumping HYPE in August before quickly exiting. But hey, a Ferrari deposit doesn’t pay itself, folks.

Hayes pushed back on Monday, insisting the sale was tied to concerns laid out by his firm. “This is why we dumped $HYPE today. But don’t worry, 126x is still possible; 2028 is a long way off,” he wrote. Sure, Arthur, sure. But if 2028 doesn’t come through, we’ll just take the Ferrari and call it even.

Maelstrom warns of $11.9B supply unlocks

Earlier today, Maelstrom published a lengthy X post outlining what it called HYPE’s “first true test.” Sounds dramatic, doesn’t it?

Starting Nov. 29, 237.8 million HYPE will begin vesting linearly over two years – unlocking nearly $500 million of tokens per month. At current prices of around $50, that represents $11.9 billion of supply entering circulation. Because nothing says “let’s make it rain” quite like a flood of tokens, right?

The post estimated Hyperliquid’s buyback program could only absorb about 17% of that flow, leaving a potential $410 million monthly overhang. “Has the market priced in the sheer scale of these unlocks?” Maelstrom asked. Who knows, Maelstrom? Who knows? But don’t worry, Arthur’s in a Ferrari, so it’ll all work out.

Maelstrom framed the looming supply shock as natural for a fast-growing protocol but warned that large vested allocations may tempt early developers and insiders to sell. The firm also noted that even large decentralized autonomous treasury (DAT) deals, such as Sonnet’s $583 million HYPE raise, won’t offset the scale of the unlocks. So, don’t buy the hype… or do, if you’re feeling lucky.

Still betting on a decentralized Binance

The remarks contrasted sharply with Hayes’s Aug. 27 blog post, where he called Hyperliquid a “decentralized Binance” and argued HYPE could climb 126x by 2028. That thesis relied on bold assumptions: a $10 trillion stablecoin market, Hyperliquid capturing a Binance-level trading share, and fee structures holding steady. So, basically, Hayes bet on everything *but* the kitchen sink.

Despite selling his tokens, Hayes reiterated that long-term view on Monday, describing the upcoming unlock as a hurdle, not a death blow. In his words, “2028 is a long way off.” Ah, yes, the classic crypto strategy: Don’t worry, it’ll all pay off in a few years, right after we’ve all forgotten about it.

Hyperliquid has surged to become a dominant player in decentralized perpetual futures, and its HYPE token remains central to governance, staking and fee distribution. Whether the market can digest nearly $12 billion in new supply may determine if Hayes’s forecast proves prescient – or overly ambitious. Stay tuned… or don’t, because it’s a rollercoaster and we all know how those end.

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2025-09-22 18:01