Key Insights:
- Arthur Hayes bought Hyperliquid again days after selling his entire position near the token’s recent high.
- A wallet linked to Hayes withdrew about $2.09 million worth of HYPE from Bybit after the price drop.
- HYPE entered the top 10 of the crypto market by market cap, pushing Dogecoin out of the rankings.
Hyperliquid returned to the spotlight after Arthur Hayes bought HYPE again just days after announcing that he had sold his entire position. The move came after the token dropped more than 20% from its recent high. This led many traders to believe the former BitMEX chief sold near the top before buying back at lower prices.
Arthur Hayes Sells Hyperliquid and Then Buys Back
Arthur Hayes caught the crypto market’s attention on June 4 when he revealed he had sold all his HYPE and NEAR holdings. In a post on X, Hayes said he expected higher energy prices, large artificial intelligence company listings, and political developments in the United States to affect markets in the months ahead.
He also said he believed financial markets could reach a peak between June and September. At the time of his announcement, Hyperliquid was trading above $72. Soon after, the token started moving lower.
Selling pressure increased, and the price eventually slipped below $56. The decline came to roughly 23% from its recent high. As the market reacted, many traders pointed to Hayes’ exit as one of the major stories behind the move.
A few days later, however, fresh data changed the conversation. According to reports shared by blockchain trackers, a wallet linked to Hayes withdrew 33,978 HYPE from Bybit. The tokens were worth about $2.09 million at the time of the transaction. The purchase led to fresh discussion across the market.
Many traders viewed the move as a sign that Hayes had taken profits during the rally and returned after the correction. Although Hayes has not publicly explained the latest purchase, the transaction quickly spread across crypto social media.
Market watchers closely followed the development because of his long history in the industry and his influence among traders.
Hyperliquid Through the Eyes of Traders
The latest price action has shown how differently traders can react to the same event. When Hyperliquid price fell after Hayes announced his sale, some investors became concerned and expected further losses.
Others saw the decline as a normal pullback after a strong run higher. That difference in opinion became even clearer after news of the latest purchase emerged. For many traders, the important point was not that HYPE had fallen. Instead, they focused on the fact that the token still attracted buyers after the drop.
Some also noted that sharp corrections are common in crypto, especially after large rallies. In their view, price declines do not always change the long-term outlook for a project.
The return of a well-known market participant such as Hayes strengthened that argument for some investors. His decision to buy again suggested that he still saw value in the token despite the recent weakness.
At the same time, traders continue to watch broader market conditions. Price swings remain common across the sector, and many investors are still being cautious with risk.
Hyperliquid Breaks into the Top 10
While traders discussed Hayes’ latest move, Hyperliquid reached another milestone. Data from CoinGecko showed that HYPE became only the second decentralized finance token to enter the top 10 largest cryptocurrencies by market capitalization.
The achievement placed the token among some of the biggest names in the digital asset market. It also pushed Dogecoin out of the top 10 rankings. For years, Dogecoin held a place among the largest cryptocurrencies and remained one of the best-known assets in the sector.
The latest rankings show how quickly positions can change when market values rise and fall. The development adds to what has already been a notable period for Hyperliquid price
Between its entry into the top 10 and the renewed buying activity linked to Arthur Hayes, the token has remained one of the most closely watched assets in the crypto market over the past week.
