Arthur Hayes Buys $1.1 Million in HYPE After 3-Month Break

Arthur Hayes, co-founder of BitMEX, has added to his Hyperliquid (HYPE) position, purchasing 26,022 tokens worth approximately $1.1 million. 

The buy, flagged by on-chain tracker Lookonchain, marks his first HYPE accumulation in roughly three months, signaling renewed confidence in the token.

Why Arthur Hayes Is Doubling Down on Hyperliquid

With this latest addition, his total holdings now stand at 247,334 HYPE, valued at approximately $10.44 million. The position is sitting on unrealized gains of 27.22%, equivalent to around $2.23 million in profit. 

This reflects a strong return on his initial investment despite broader market volatility in the crypto space. The renewed accumulation follows Hayes’s public declaration on April 8.

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Hayes has maintained a $150 price target for the token by August 2026, roughly a 266% increase from current levels. The executive pointed to Hyperliquid’s revenue model as a key driver. 

The platform returns 97% of its trading fees to buy back and burn HYPE from the open market, creating a deflationary loop that ties token value directly to platform usage.

Meanwhile, the acquisition comes as institutional interest in HYPE is also rising. Bitwise filed an amended registration statement with the SEC, adding the ticker BHYP and a 0.67% management fee.

Bloomberg analyst Eric Balchunas said such additions typically signal a fund may launch soon. Last month, Grayscale submitted its own S-1 application to list the Grayscale HYPE ETF on Nasdaq under the ticker GHYP. 

A potential ETF approval could open the door to significant institutional capital inflows into HYPE, potentially driving broader adoption and renewed price momentum for the token.

HYPE has been one of the strongest large-cap performers over the past year, gaining roughly 176% according to CoinGecko data. However, it has not escaped broader market pressure. 

The token slipped approximately 2% in the past 24 hours to around $40.91 as the US and Iran failed to reach an agreement.

Meanwhile, decentralized exchange activity is contracting across the board. Total DEX spot volume fell 23.9% to $212 billion in March, the lowest monthly figure since October 2024. 

Monthly perpetual DEX volumes dropped to $699 billion in March, down from a peak of $1.369 trillion in October 2025, according to DefiLlama data. Hyperliquid still leads the perp segment, but the five-month downtrend raises questions about whether fee-driven buybacks can sustain their pace if trading activity continues to cool.

Whether ETF approvals and sustained whale accumulation can offset that macro softening remains the key question for HYPE holders heading into Q2.

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