TL;DR
- Hayes’ Sale: Arthur Hayes sold 96,628 HYPE tokens for $4.8M, explaining he needed the funds for a Ferrari Testarossa deposit. The move netted him $823K profit and highlighted how personal lifestyle choices can intersect with high-profile crypto trades.
- Market Impact: The sale pushed HYPE down 12% to $47, though the token had doubled this year and recently peaked at $59.30. The sharp swing underscored how influential figures can sway sentiment and price action in emerging markets.
- Wider Decline: Other altcoins, including ASTER, PUMP, and CRO, also fell sharply, while majors like Ether, XRP, and Solana slipped. In total, the crypto market lost about $80B in hours, a 2.2% drop that revealed the fragility of investor confidence.
The crypto market was shaken this week after BitMEX co-founder Arthur Hayes sold more than 96,000 Hyperliquid (HYPE) tokens, triggering a sharp price drop. The sale, worth $4.8 million, came just weeks after Hayes publicly promoted the asset, raising questions about timing, motives, and market impact.
Need to pay my deposit on the new Rari 849 Testarossa https://t.co/PX7Hx0FuK9
— Arthur Hayes (@CryptoHayes) September 21, 2025
Arthur Hayes Cashes Out for a Ferrari
According to blockchain data from Hypurrscan, Arthur Hayes offloaded 96,628 HYPE tokens on Sunday, securing a profit of roughly $823,000. He confirmed the move on social media, joking that the funds were needed to pay a deposit on Ferrari’s newly unveiled Rari 849 Testarossa. The hybrid supercar, revealed in Milan earlier this month, carries a starting price of $540,000 for the coupe model. Arthur Hayes’ remark underscored the personal motivation behind the sale, blending luxury lifestyle with crypto speculation.
Market Reaction and Token Performance
The selloff immediately pressured HYPE’s price, which fell around 12% from just over $54 to slightly above $47 during Monday morning trading in Asia. Despite the decline, HYPE has doubled in value since the start of the year and recently hit an all-time high of $59.30 on September 18. The token’s volatility reflects both its rapid ascent and the influence of high-profile backers like Arthur Hayes, who previously touted its long-term potential.
From Bold Predictions to Quick Exit
Hayes’ decision to liquidate his position contrasts sharply with his earlier statements. At the Tokyo Web3 conference in late August, he suggested Hyperliquid could see a 126x upside based on surging annualized fees. Observers noted the irony of his exit less than a month later, with gains of under 20%. The move has fueled debate about whether his public endorsements were genuine conviction or opportunistic positioning.
Wider Market Turbulence
HYPE’s decline was part of a broader downturn across altcoins. Aster (ASTER), a decentralized exchange token, dropped 17% after reaching an all-time high, while Pump.fun’s PUMP token fell 15%. Cronos (CRO) shed 9%, and major assets like Ether, XRP, and Solana slipped around 4%. Dogecoin, Cardano, and Chainlink posted even larger losses. In total, the crypto market shed about $80 billion in capitalization, a 2.2% decline in just hours, underscoring the fragility of sentiment amid high-profile moves.
