Hyperliquid's HYPE drops 10% as Arthur Hayes exits position despite $150 price target
HYPE dropped from record highs near $75 to about $67 after Arthur Hayes said he sold his entire HYPE and NEAR positions, despite having recently predicted HYPE could reach $150. He said the sale reflected caution on broader markets, citing rising energy prices from the Iran conflict, upcoming AI IPOs, and a belief that markets could peak by late summer. The move drew criticism because he had been one of HYPE’s strongest public supporters. Hyperliquid remains a standout performer, up sharply this year even as bitcoin weakened. The project runs a blockchain-based perpetual futures exchange and has grown rapidly, with about $40 billion in weekly perp volume and $1 billion in spot assets. Still, some analysts say the recent rally looks stretched: HYPE has traded around 25 times projected fee revenue, protocol revenue is below peak, and a June token unlock may add selling pressure.
