Hyperliquid token HYPE falls below $48 after Hayes sells, though he continues to see 126x growth ahead.
The Hyperliquid token HYPE dropped sharply after Arthur Hayes sold his entire holdings worth more than $5 million. The sudden move came just weeks after Hayes forecasted a 126x increase for the token by 2028. His exit has fueled debates across the crypto community, yet he continues to defend his long-term outlook.
Hayes Sells Entire HYPE Position
Arthur Hayes, the co-founder of BitMEX, sold 96,628 HYPE tokens on September 21, valued at around $5.1 million. Blockchain tracker Lookonchain confirmed the trade and reported that Hayes secured about $823,000 in profit. The profit represented a 19% gain on his initial purchase made in August.
Arthur Hayes(@CryptoHayes) just sold all 96,628 $HYPE($5.1M) he bought a month ago, making ~$823K(+19.2%).
During his speech at the WebX Summit on Aug 25, he predicted a 126x upside for $HYPE, but is now out with less than a 20% gain.https://t.co/B6z5x7dOsv pic.twitter.com/69s0ZzIIii
— Lookonchain (@lookonchain) September 21, 2025
The sell-off led to a 10% to 12% decline in HYPE’s price, pushing it from above $54 to under $48. Market data showed the token lost over 1.7 billion dollars in market value in just one day. Hayes later posted on X that his family office Maelstrom made the decision to sell.
In his message, Hayes wrote this is why we dumped HYPE today but do not worry 126x is still possible. Lookonchain also shared the update on X, noting that Hayes sold his entire position despite his earlier bullish claims. The post triggered heated responses from traders who questioned the timing of the sale.
This is why we dumped $HYPE today. But don’t worry 126x is still possible 2028 is a long way off. https://t.co/VLSISNzbcc
— Arthur Hayes (@CryptoHayes) September 22, 2025
Market Reaction and Supply Concerns
HYPE has gained strong attention in 2025, doubling in value since the start of the year. The token reached a record high of $59.30 on September 18 before the sudden sell-off. Hyperliquid operates as a decentralized crypto derivatives exchange and has seen rapid growth in recent months.
Concerns about token supply have added to the selling pressure. Hayes pointed out that nearly 238 million HYPE tokens will start vesting on November 29. The tokens will unlock over two years, creating a monthly market overhang of around $410 million.
Hayes said that buyback programs can absorb only 17% of the incoming supply. Even the upcoming Sonnet fund, estimated to reach $583 million, may not offset the selling volume. Traders worry that the unlock schedule could limit short-term price stability despite long-term projections.
Whale Activity and Long-Term Projections
Additional pressure came from another large holder believed to be Techno Revenant, who moved 2.39 million HYPE tokens. The stash was valued at more than $122 million, with unrealized gains of over $90 million. This raised more concerns about future selling from large holders.
Despite the volatility, Hayes reaffirmed his long-term prediction of a 126x upside for HYPE by 2028. He linked this outlook to expected growth in stablecoins and annualized fees on Hyperliquid. During his August WebX Summit address, Hayes said that Hyperliquid’s fees could rise to 255 billion dollars.
HYPE remains one of the best-performing tokens since its launch in November 2024, gaining about 1,400%. The token now trades around $48.50, with a total market capitalization of $16.21 billion. Hayes maintains that the current turbulence does not change his forecast for the coming years.