Arthur Hayes Dumps HYPE for Ferrari as Maelstrom Flags $12B Token Unlock – 22/9/2025

Arthur Hayes, BitMEX co-founder and Maelstrom CIO, has sold a portion of his Hyperliquid (HYPE) tokens to fund a new Ferrari, weeks after projecting the token could deliver 126x gains by 2028.

Blockchain analytics firm Lookonchain reported that Hayes sold 96,628 HYPE — worth roughly $5.1 million — booking a profit of about $823,000, or 19%, within a month. Hayes confirmed the sale on X, joking: “Need to pay my deposit on the new Rari 849 Testarossa.” The post drew criticism from traders accusing him of hyping HYPE before exiting.

Hayes defended the move, linking it to Maelstrom’s broader concerns. “This is why we dumped $HYPE today. But don’t worry — 126x is still possible; 2028 is a long way off,” he wrote.

Maelstrom also issued a warning about the upcoming HYPE token unlocks. Starting Nov. 29, 237.8 million tokens will vest over two years, releasing nearly $500 million per month. At current prices around $50, the total supply hitting the market would be approximately $11.9 billion, with buybacks expected to absorb only 17% of the flow.

The report highlighted that large vested allocations may tempt early insiders to sell, potentially testing market liquidity. Maelstrom stressed that even major fundraising deals, such as Sonnet’s $583 million HYPE purchase, won’t fully offset the upcoming supply pressure.

Despite selling tokens, Hayes maintained his bullish long-term outlook on Hyperliquid, which has emerged as a leader in decentralized perpetual futures. HYPE remains central to governance, staking, and fee distribution, and the market’s ability to absorb nearly $12 billion in new supply will be key to validating his 126x thesis.