Hayes-Linked Wallet Sold HYPE at $54, Rebought at $62

A wallet attributed to Arthur Hayes sold 115,453 HYPE tokens at an average price of $54.81 on May 23 and later repurchased 85,714 HYPE at $62.69 per token. An onchain tracking firm flagged the sequence and analysts had earlier noted a sell-then-buy pattern.

The initial sale of 115,453 HYPE generated roughly $6.33 million at an average of $54.81 per token. The subsequent withdrawal and repurchase of 85,714 HYPE was executed at about $62.69, valued at approximately $5.37 million. The repurchase occurred roughly three hours before the tracking firm published its report on May 25. In net terms, the account reduced a larger position at the lower price and re-entered a smaller position at about $8 higher per token.

Hayes had set a $150 price target for HYPE by August 2026 and named Hyperliquid his highest-conviction position in a published essay. He cited the platform’s fee structure, which directs about 97% of trading fees to buybacks of the native token, as central to his thesis.

Market data shows HYPE reached an all-time high of $64.24 on May 24. The token’s 24-hour trading volume exceeded $1.2 billion. The platform reported roughly $176 billion in 30-day trading volume, open interest above $8 billion, and about $896 million in revenue over the past 12 months.

The wallet attributed to Hayes also holds a long position of 504.4 BTC, roughly $38.9 million at current prices, and a short position of 57,460 ZEC that is showing a loss. The attribution of the wallet to Hayes is based on clustering methods used in onchain analysis and has not been confirmed by Hayes.

Separately, market participants identified a large HYPE short held by a trader known as Loracle, estimated at about $103 million, with a reported liquidation threshold near $69.90 as prices rose. The onchain sale-and-repurchase provides a record of recent trading by the account linked through analysis, while network metrics show recent high activity for the token.