Arthur Hayes-Linked Wallet Sells HYPE at $54, Buys Back at $62 After $150 Call

May 25, 2026 — A wallet linked to Bitmex co-founder Arthur Hayes sold 115,453 HYPE tokens at $54.81 each, then repurchased 85,714 tokens at $62.69 — executing a sell-low, buy-high sequence days after Hayes publicly called for a $150 price target on the token.

Immediate Details & Direct Quotes

Onchain tracking firm Lookonchain identified the wallet activity on May 23, when the Hayes-linked address deposited $6.33 million worth of HYPE into Bybit. The deposit was confirmed as a sale at an average price of $54.81 per token.

The same wallet later withdrew 85,714 HYPE worth $5.37 million from Bybit at $62.69 per token — roughly $8 more per token than the earlier sale. The buyback occurred approximately three hours before Lookonchain published its investigation.

Hayes has not publicly confirmed the wallet attribution, which is based on analyst clustering methodology. In a widely read essay earlier this year, Hayes named Hyperliquid as his “highest-conviction position” and set a $150 price target for HYPE by August 2026.

Market Context & Reaction

HYPE’s performance has validated parts of Hayes’ bullish thesis. The token hit an all-time high of $64.24 on May 24, with 24-hour trading volume exceeding $1.2 billion. The Hyperliquid platform processed over $176 billion in 30-day trading volume, with open interest surpassing $8 billion.

The network generated over $896 million in revenue over the past 12 months, placing it among the most profitable DeFi protocols. Hayes has argued that Hyperliquid’s revenue model — directing approximately 97% of trading fees toward buying back HYPE from the open market — makes it “the most capital-efficient token in decentralized finance.”

The wallet attributed to Hayes also holds a 504.4 BTC long position worth approximately $38.9 million and a 57,460 ZEC short currently at a loss, indicating broad multi-asset exposure.

Background & Historical Context

Hayes’ involvement with Hyperliquid has been closely watched by traders since his bullish essay publication. The wallet activity sparked questions when Lookonchain flagged the initial $6.33 million deposit to Bybit on May 23, particularly given Hayes’ recent $150 price call.

The broader HYPE short landscape remains active. Bitcoin.com News reported last week that a Hyperliquid trader known as Loracle continues to defend a $103 million HYPE short position as prices climb toward a liquidation level near $69.90.

What This Means

The sell-low, buy-high sequence from a Hayes-linked wallet introduces uncertainty around one of crypto’s most vocal HYPE bulls. Traders may question whether the wallet activity reflects Hayes’ personal strategy or belongs to another entity entirely.

HYPE’s path toward Hayes’ $150 August target faces resistance near the $64.24 all-time high, with the Loracle short position representing a potential whale-level challenge. The token’s strong revenue generation and buyback mechanism provide fundamental support, but wallet-linked selling pressure could dampen near-term momentum.

The broader DeFi derivatives sector continues showing strength, with Hyperliquid maintaining its position among top-performing protocols. Whether the Hayes-linked wallet’s buyback signals renewed conviction or a tactical entry remains unclear without direct confirmation.

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