Arthur Hayes denied buying HYPE after a wallet linked to him withdrew 33,979 tokens worth about $2.09 million from Bybit on June 8.
The transfer sparked speculation that the Maelstrom founder had re-entered the token after selling his position days earlier. Hayes pushed back on the claim on X, saying he did not buy the token.
Hayes Rejects Fresh HYPE Rumors
The latest HYPE transfer drew attention because Hayes had recently exited the token in a high-profile move. Lookonchain flagged the Bybit withdrawal, while Onchain Lens reported that the wallet held 34,066 HYPE after the movement.
Hayes responded directly to the on-chain post and denied any new purchase. His reply came as traders were already watching HYPE closely after a sharp price decline linked to his earlier exit.
The denial also highlighted the risk of reading too much into wallet labels. Addresses tied to public figures are often identified through on-chain patterns, and exchange withdrawals can involve internal movements or unrelated activity.
Earlier Exit Pressured HYPE Price
Hayes sold his HYPE and NEAR holdings on June 4 after warning that crypto markets could be near a peak before September. He cited rising energy costs during the Iran crisis, expected liquidity pressure from major AI company IPOs, and possible political pressure on AI during the U.S. midterms.
The move surprised traders because Hayes had previously named HYPE among Maelstrom’s strongest conviction holdings. In May, he had grouped HYPE with ZEC and NEAR as speculative tokens he favored while maintaining a bullish long-term view on Bitcoin.
Reports said HYPE dropped more than 11% after the sale and traded below $65. The decline also triggered liquidations across HYPE perpetual markets as leveraged traders rushed to adjust positions.
Token Unlock Adds More Market Pressure
HYPE was already under pressure before the wallet transfer attracted attention. A June 6 token unlock released 237 million tokens to key contributors, equal to about 23.8% of the total supply.
That unlock represented 71% of all crypto token unlocks for that week. The large release added supply concerns at a time when market sentiment had already weakened after Hayes exited.
The combined effect created a tough backdrop for HYPE. Spot selling increased liquidation pressure, liquidations pushed the price lower, and the sharp move encouraged smaller holders to follow the broader selloff.
Hayes’ market influence remains a major factor in how traders react to HYPE news. His calls do not always match market timing, but his views continue to draw attention because he remains one of the most-watched macro investors in crypto. Earlier this year, Hayes called a Bitcoin bottom near $60,000 and forecast a possible move toward $126,000.
