Hyperliquid (HYPE) Price: Arthur Hayes Dumps $18M Position After Predicting $150 Target – Here’s Why

TLDR

• Arthur Hayes sold 247,334 HYPE worth ~$18M after previously predicting a $150 price target
• HYPE dropped from record highs near $75 to around $67 following the announcement
• Hayes cited rising energy prices, upcoming AI IPOs, and macro timing risks as reasons to exit
• 10xResearch’s Markus Thielen warned the rally was overheated, with HYPE trading at ~25x projected fee revenue
• Despite the pullback, HYPE is still up 166% year-to-date and Hyperliquid hit a record 6.63% of global perp volume in May

Hyperliquid’s HYPE token fell sharply after BitMEX co-founder Arthur Hayes announced he had sold his entire position, just days after calling for prices to reach $150.

Hayes sold 247,334 HYPE tokens for approximately $18.02 million, according to on-chain tracker Lookonchain. The sale pushed HYPE down from record highs near $75 to around $67.

Hayes posted his exit on X, listing three reasons: rising energy prices tied to the Iran conflict, three major AI IPOs expected before Q3, and concerns that markets could peak between now and September. He said a fuller explanation would come in an upcoming essay titled “Reality Test.”

Rally Ran Hot, Analysts Say

But at $75, HYPE was trading at roughly 25 times projected fee revenue — near its richest valuation in a year. Thielen also noted protocol revenue remains below its peak, and a large token unlock in June could add selling pressure.

Despite the short-term concerns, HYPE is still up 166% year-to-date.

Platform Growth Hits Records

Hyperliquid’s fundamentals continued to improve even as the token pulled back. May perpetual futures volume hit a record 6.63% of total global centralized exchange perp volume. Volume relative to Binance reached 14.4%, another all-time high.

Institutional interest is also building. Grayscale’s Hyperliquid ETF, trading as HYPG, is set to launch with a 0.29% fee. Existing ETFs THYP and BHYP have already pulled in $141 million in cumulative net inflows. Bitwise CEO Hunter Horsley confirmed over 7.7 million HYPE has been staked to Bitwise validators.

On the price chart, HYPE’s key support sits at $59–$60. A close above the $83–$95 resistance zone would be needed to resume the uptrend toward $110–$130.

Whale positioning data showed the gap between long and short positions narrowing to just $0.01 billion, suggesting large holders may be repositioning.

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