BitMEX Co-Founder Arthur Hayes Sells $5.1M HYPE Amid Token Unlock Concerns, Maintains Bullish Outlook

Arthur Hayes, co-founder of BitMEX and chief intelligence officer of Maelstrom Fund, sold his entire $5.1 million position in Hyperliquid's HYPE token shortly after predicting it could surge 126x by 2028. Hayes cited looming token unlocks starting November 29, 2025, where 237.8 million HYPE tokens will vest over two years, potentially flooding the market with nearly $500 million worth of new supply monthly, which buyback programs can only absorb about 17% of, creating significant selling pressure. Despite selling his holdings and joking that the profits were for a Ferrari deposit, Hayes remains bullish on HYPE's long-term potential, noting that 2028 is "a long way off." The sale triggered an immediate price drop of over 8%, raising concerns among investors about the token's near-term outlook amid increasing competition and tokenomics risks. Hyperliquid's trading volumes have surged dramatically, indicating strong usage growth, but market participants remain cautious due to the substantial supply overhang from token unlocks. Hayes' exit has also sparked speculation about reallocating into other assets, with some analysts pointing to competitors like Aster as alternative investments.