Hyperliquid Falls From $75.48 Record as Arthur Hayes Exits HYPE Position
Hyperliquid's HYPE token fell roughly 17% from its all-time high of $75.48 after BitMEX co-founder Arthur Hayes sold his full position, worth about $18 million. Traders are now watching the $54-$55 support zone and the $50 level as momentum indicators weaken.
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The Selloff and Hayes's Exit
HYPE traded near $62 on Friday, June 5, after falling from an all-time high of $75.48 a day earlier, according to crypto.news. Onchain Lens data showed Arthur Hayes sold approximately 247,334 HYPE, valued at about $18.02 million, which crypto.news reported on June 4. CoinDesk framed the exit as Hayes taking profits short of the $150 price target he had publicly projected for the token.
Hayes's sale was not the only reduction in exposure. Andrew Kang and Andreas Brekken were also linked to sizable sales, and the concentrated selling overwhelmed spot demand. The token briefly touched the $58 area before buyers stepped in.
Hayes's Explanation and the Trader Reaction
Hayes attributed the exit to macroeconomic headwinds, including oil prices pushed higher by Middle East tensions, liquidity demand from several large AI-related IPOs, and the risk of a broader financial market downturn later this year. CoinDesk reported that the sale drew backlash from some traders because it came well below his recent bullish forecasts.
Hayes maintained a long-term bullish view. In a June post on X he wrote that dumping his position "doesn't mean I still don't have faith $HYPE will best $SOL by year end." Both reports noted that Hayes had also issued a $100,000 charity bet that HYPE would outperform other top-10 cryptocurrencies, a wager that sits uneasily beside the exit.
Technical Picture and Derivatives Positioning
The daily chart shows HYPE retreating into a Fibonacci support region after failing to hold the recent breakout zone. Crypto.news measured the retracement from the January low near $20.4 to the June peak near $75.7, placing price between the 0.786 level near $63.9 and the 0.618 level near $54.6. A break below 0.618 could expose the midpoint near $48.1 and the $50 level.
Momentum has weakened. The daily MACD produced its first bearish crossover since the May rally accelerated, and the RSI fell from above 70 to about 54. CoinGlass liquidation data shows dense leveraged positions between $60 and $64, with larger liquidity pools near $58 and below. Lookonchain reported that loracle.hl, a whale who had previously lost $46.46 million shorting HYPE, had flipped long and faced an unrealized loss above $840,000 during the selloff.
Conflicting Read on Institutional Flows
Sources diverge on what the selloff signals about institutional demand. Crypto.news reported that wallets linked to venture firm Andreessen Horowitz accumulated about 224,100 HYPE, worth more than $15 million, during the decline. That accumulation runs opposite to Hayes's exit, and the two reports do not establish whether the buying and selling were connected. Traders weighing the drawdown will need to track whether a16z-linked buying continues or whether it was a one-off.
The figures in these reports come from on-chain trackers and a single news source's technical analysis. Position sizes and wallet attributions are estimates, not confirmed disclosures.
Why It Matters
For Traders
HYPE is testing the $54-$55 support zone with dense liquidations at $58-$64, so a break below those levels could trigger forced selling.
For Investors
Hayes's exit below his stated $150 target highlights how quickly leveraged, narrative-driven positions can unwind in a volatile market.
For Builders
Concentrated whale positions and liquidation clusters on Hyperliquid show how perpetuals venues can amplify price moves when a few large accounts exit.
This article is for information only and is not financial advice. Read the full disclaimer.
