Arthur Hayes, the co-founder of the crypto exchange BitMEX, has sold all of his HYPE tokens, and he used the money to put down a deposit on a Ferrari 849 Testarossa.
Hayes said he sold the tokens on September 21, 2025, making about $5.1 million from the sale, which included around $823,000 in profit. In a post on X, he wrote, “Need to pay my deposit on the new Rari 849 Testarossa”
Hayes held about 96,628 HYPE tokens before the sale, which made him one of the larger holders. Only a month before, he had told an audience at the WebX conference in Tokyo that he expected HYPE’s price to increase by more than 100 times in the next three years.
So, when he suddenly sold his entire bag, people were left wondering why.because it went against his earlier upbeat forecast. After the sale, HYPE’s price dropped by about 8 to 12 percent within 24 hours, moving from around $54 to nearly $47.
HYPE Price is at Risk
Hyperliquid, the platform behind the HYPE token, is a decentralized derivatives exchange that has grown quickly. Since its token launch in late November 2024, HYPE jumped from around $6.50 to nearly $49 at the time of Hayes’ sale, marking a gain of about 660 percent.
This rise made it a popular token among traders, but it also carried risks. Analysts noted that around 237.8 million HYPE tokens are scheduled to be released in the next two years, adding about $500 million in monthly sell pressure. For many, this was a sign that selling pressure could push prices down further.
Also Read: The Crypto Market Is Down Today, Here’s Why
