Arthur Hayes, co-founder of BitMEX, has executed a complete liquidation of his Hyperliquid (HYPE) and NEAR Protocol (NEAR) holdings, selling $18.02 million worth of HYPE tokens and all his NEAR holdings in a single transaction. As reported by crypto.news, Hayes sold 247,334 HYPE tokens worth approximately ₹16.5 crore in the latest transaction. This followed his earlier public $100K bet that HYPE would outperform Solana, which he had accumulated over 26,000 HYPE tokens worth approximately ₹8.5 crore in April, setting a price target of ₹1,250 per token. The executive announced the sale in a post on X (formerly Twitter), promising a fuller explanation in an essay titled 'Reality Test' to be published next Tuesday. However, according to Lookonchain data, Hayes recently accumulated 33,978 HYPE tokens worth around $2.09 million, marking his return to the market after the significant sell-off. The latest move attracted criticism from community members on X because it came just days after the BitMEX co-founder predicted HYPE could reach $150 by year-end and outperform every other top-10 cryptocurrency.
Whale investors have shown renewed interest in HYPE following Hayes' apparent return to the market. Lookonchain identified a newly created wallet that withdrew 82,089 HYPE worth roughly $5.16 million from exchanges over the past two hours, with the same address reportedly accumulating 1.14 million HYPE valued at more than $79 million over the last week before staking the tokens on Hyperliquid. This whale accumulation has helped stabilize market sentiment as HYPE rebounded from lows below $56 to trade near $61.7 on June 8, remaining roughly 18% below its recent all-time high near $75.48. The token has found support in the same zone where Hayes began his recent accumulation, with technical indicators placing key support between $64 and $55.
The daily chart shows HYPE holding above the 0.618 Fibonacci retracement level near $54.7, which has acted as support during the current rebound, with price also reclaiming the Supertrend support area near $57.4. However, momentum indicators remain less constructive as the daily MACD has produced a bearish crossover, with the histogram remaining below the zero line after peaking during the late-May rally. The rejection from the $75 area also established a lower high relative to momentum readings, leaving buyers with work to do before a sustained recovery can develop. According to crypto analyst Team LAMBO, the current structure risks evolving into a head-and-shoulders formation if support fails, with the critical level being $55 where traders should watch for potential bearish moves. For bulls, reclaiming $64 would be the first step toward invalidating the bearish setup.
Despite the pullback, institutional interest surrounding the Hyperliquid ecosystem remains elevated. According to crypto.news, Grayscale launched its Hyperliquid Staking ETF, trading under the ticker HYPG, on June 3. The product joined a growing list of regulated investment vehicles tied to the protocol after earlier launches from 21Shares and Bitwise. Meanwhile, Hyperliquid's position within the derivatives market has continued to expand, with the decentralized exchange recently capturing a record share of global perpetual futures activity, while trading volume relative to Binance reached new highs during May. The latest data from Lookonchain shows that spot was being heavily sold on Bybit, perps were used to keep price elevated, and open interest was consolidating during the sell-off. However, the community has questioned how someone can discuss aggressive targets one day and liquidate positions the next, particularly given Hayes' status as a pioneer of crypto derivatives.
