Arthur Hayes Offloads HYPE to Fund Ferrari, Tells Supporters Not to Panic

Arthur Hayes Sells HYPE for Ferrari as Maelstrom Warns of $12B Token Unlock – 22/9/2025

Arthur Hayes, BitMEX co-founder and Maelstrom CIO, has sold part of his Hyperliquid (HYPE) holdings to fund a Ferrari purchase, weeks after projecting the token could rise 126-fold by 2028.

According to blockchain analytics firm Lookonchain, Hayes offloaded 96,628 HYPE — worth about $5.1 million — realizing a profit of roughly $823,000, or 19% in a month. Hayes confirmed the move on X with a tongue-in-cheek post: “Need to pay my deposit on the new Rari 849 Testarossa.” The comment drew criticism from traders who accused him of hyping HYPE before cashing out.

Hayes defended the sale on Monday, linking it to Maelstrom’s broader market concerns: “This is why we dumped $HYPE today. But don’t worry — 126x is still possible; 2028 is a long way off.”

Maelstrom also flagged a looming supply shock. Starting Nov. 29, 237.8 million HYPE tokens will vest over two years, releasing nearly $500 million per month. At current prices near $50, this equates to roughly $11.9 billion entering circulation, with the firm estimating that Hyperliquid’s buyback program could only absorb 17% of the flow.

The report noted that large vested allocations may tempt insiders to sell, and even significant deals like Sonnet’s $583 million HYPE purchase won’t fully offset the potential supply pressure.

Despite trimming his holdings, Hayes reiterated his long-term bullish thesis. Hyperliquid has grown into a dominant player in decentralized perpetual futures, and HYPE remains central to governance, staking, and fee distribution. How the market absorbs nearly $12 billion in new supply will be critical in determining whether Hayes’s 126x projection remains plausible.