Arthur Hayes, co-founder of BitMEX and currently heading the Maelstrom fund, has just liquidated some of his HYPE tokens. On Saturday, September 21, he sold 96,628 HYPE for around $5.1 million, pocketing a profit of $823,000 in just one month, nearly 19%.
Un trade à 5 millions en pleine polémique
Behind the anecdote lies a more serious signal. On September 22, Maelstrom published a detailed analysis of what it calls “the first real test” for Hyperliquid. As of November 29, 237.8 million HYPE will begin to gradually unlock over two years.
Un avertissement signé Maelstrom
This contrast is striking. On August 27, in a fiery post, Hayes described Hyperliquid as a “decentralized Binance,” capable of dominating the on-chain perpetual market. His projection was based on three radical assumptions: a $10 trillion stablecoin market, a market share equivalent to Binance, and an intact fee structure.
Today, Hayes himself explains that he sold his tokens for risk management reasons, while maintaining that the potential remains intact: “2028 is still far away.” In other words, he cashes out now but holds onto his long-term scenario.
Le double discours de Hayes
Hyperliquid has become one of the star protocols in decentralized perpetuals in just a few months. Its token HYPE is at the heart of governance, staking, and fee sharing. But with nearly $12 billion in additional supply approaching, the market will have to absorb a shock of rare intensity.
HYPE face à sa première épreuve
This sequence perfectly illustrates the paradox of Arthur Hayes: provocative, opportunistic, yet always visionary. His sale fuels the community’s mistrust, but his bet on 2028 remains in place.
Now, the real question: Can Hyperliquid absorb this tsunami of supply and stay on course towards becoming “decentralized Binance“? Or will Hayes’ dream remain stuck between the flamboyance of a Ferrari and the harsh reality of the market? Ultimately, it’s hard to tell if Hayes simply wanted to temporarily fire up the market for profit-taking, or if he truly believes in his wild claims…
