Hayes-Linked Wallet Moves $6.33M in HYPE to Bybit

On May 23, a wallet linked to Arthur Hayes deposited 115,453 HYPE tokens, valued at about $6.33 million, into the Bybit exchange. The deposit came weeks after Hayes publicly suggested HYPE could reach $150 per token.

Blockchain data shows the same address withdrew the identical 115,453 HYPE from Bybit roughly one month earlier at about $39.58 per token. Based on those figures, the position had an estimated unrealized gain of about $1.76 million at the time of the May 23 deposit.

Exchanges are primary venues for executing large sales, while self-custodied wallets are commonly used for longer-term holding. Transfers from self-custody to exchange wallets are often monitored as potential distribution indicators. Institutional managers and trading desks also move assets onto exchanges for other operational reasons, including posting collateral for derivatives, portfolio rebalancing, or preparing complex orders.

At the time of publication, there was no on-chain evidence that the deposited tokens were tied to sell orders.

Arthur Hayes is a co-founder of the BitMEX derivatives exchange and a managing partner at Maelstrom Fund. He had not commented publicly about the wallet activity when the deposit was observed.

HYPE is the native token of Hyperliquid, a decentralized derivatives platform. The token approached its all-time high in 2026, and the platform recorded increased trading volume and user growth that year.

Market participants tracking on-chain flows and exchange order books are monitoring subsequent movements from the Hayes-linked address for any signs of selling or other trading activity.