Once upon a chaotic market morning, Hyperliquid’s native token, HYPE , took a nosedive, dropping a spicy 12% after its loudest cheerleader, BitMEX co-founder Arthur Hayes, cashed out big.
Our hero, Hayes, who had been basking in the glory of backing HYPE just weeks ago, offloaded more than 96,000 tokens on Sunday, pocketing a cool $4.8 million.
Need to pay my deposit on the new Rari 849 Testarossa
— Arthur Hayes (@CryptoHayes) September 21, 2025
Nice car
Hypurrscan confirms the numbers, while Lookonchain tallied Hayes’s profit at about $823,000.
Hayes cheekily explained the sale as a down payment for his new Rari 849 Testarossa Ferrari, a plug-in hybrid beast unveiled recently in Milan, packing over 1,000 horsepower and starting at $540,000.
Talk about putting your crypto gains to good use. It’s a nice car, no gonna lie.
HYPE’s ride this year has been impressive, doubling from New Year’s Day right up to a record high of $59 on September 18.
Hayes’s public lovefest helped fuel the frenzy. At the Tokyo Web3 conference in late August, he declared that Hyperliquid could skyrocket 126 times thanks to booming annualized fees.
Skeptics joked he’d sell everything right after that stage drop, and well, the prophecy’s coming true.
Arthur Hayes( @CryptoHayes ) just sold all 96,628 $HYPE ($5.1M) he bought a month ago, making ~$823K(+19.2%).
During his speech at the WebX Summit on Aug 25, he predicted a 126x upside for $HYPE , but is now out with less than a 20% gain.
— Lookonchain (@lookonchain) September 21, 2025
Cashing out hard
Hyperliquid is a decentralized derivatives exchange specializing in spicy, high-leverage crypto contracts.
Its sudden jump in popularity has pushed its TVL to eye-watering levels. Yet Hayes’s moves remind the market that even the loudest hypecanons might find the urge to cash out hard, and fast.
Also, Hayes didn’t stop at flashy supercar purchases. Over the weekend, he noted a critical milestone, the US Treasury’s General Account just crossed $850 billion.
His takeaway? With the liquidity drain hitting its target, markets are ready to pump again.
His logic is simple but bold, the money once sucked into the treasury will be unleashed onto the markets, potentially sparking the next bull leg.
Collective carnage
But HYPE’s fall wasn’t unique on this Monday morning of woe. Altcoins followed suit, plunging often double digits from their Sunday record.
Solana memecoin Pump.fun shed 15%. Cronos slid 9%, and blue-chip assets like Ether, XRP, and Solana took a 4% hit.
Dogecoin, Cardano, and Chainlink endured even bigger bruises.
The collective carnage knocked about $80 billion off the total crypto market cap, proving once more that crypto winters like to keep us on our toes.
Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
