Arthur Hayes, Bitmex co-founder, who now runs Crypto Venture Fund Maelstrom, sold his personal stash of Hyperliquids Hype-tokens just weeks after predicting that the asset could gather 126 times.
Ferrari -Wildlife and Blockchain -receivables
Blockchain Analytics Service Lookonchain reported on Sunday that Hayes unloaded 96,628 hype – worth about $ 5.1 million – booking a profit of approx. $ 823,000 or 19%for a month.
Not long after, Hayes confirmed the move with his trademark Irreverens, where he sent on X: “Need to pay my deposit on the new Rari 849 Testarossa.” The comment burned backback from dealers who accused him of pumping the hype in August before they left quickly.
Hayes pushed back on Monday and insisted that sales were tied to concerns that his company was established. “This is why we dumped $ hype today. But don’t worry, 126x is still possible that 2028 is far away,” he wrote.
Maelstrom warns about $ 11.9B supply unlock
Earlier today, Maelstrom published a prolonged X -Post that outlined what it called Hype’s “First True Test.”
From November 29, 237.8 million hype will start earning linearly over two years – locking almost $ 500 million tokens per year. Month. At current prices of about $ 50, it represents $ 11.9 billion to supply in circulation.
The mail estimated Hyperliquid’s repurchase program could only absorb approx. 17% of this flow, leaving a potential $ 410 million overhang. “Has the market priced on the clean scale of these unlocks?” Maelstrom asked.
Maelstrom framed the threatening supply shock as natural for a rapidly growing protocol, but warned that large foreign assignments can tempt early developers and insiders to sell. The company also noted that even large decentralized autonomous treasuries (Dat) Offers, such as Sonnet’s hype increase of $ 583 million, do not equalize the scale of the locks.
Still beting on a decentral binance
The comments contrasted sharply with Hayes ’27. August blog posts in which he called Hyperliquid a “decentral binance” and argued for hype could climb 126x in 2028. This thesis depended on bold assumptions: a $ 10 trillion stableecoin market, Hyperliquid catching a Binance level trading and fee structure.
Despite selling his tokens, Hayes repeated the long -term view of Monday and described the upcoming lock as an obstacle, not a death. In his words, “2028 is far away.”
Hyperliquid has risen to become a dominant player in decentralized eternal futures, and its hype -token remains central to governance, efforts and fees of fee. Whether the market can digest almost $ 12 billion in new supply can determine whether Haye’s forecast proves prescient – or too ambitious.
