Hyperliquid pulls back from record highs as Arthur Hayes exits position shy of $150 price target
The crypto veteran blamed macro risks and AI mania for taking profits, drawing backlash from traders for selling well below his recent bullish forecasts.
What to know:
- Hyperliquid’s HYPE token pulled back from record highs after BitMEX cofounder Arthur Hayes, one of its most prominent supporters, sold his position.
- Hayes said rising oil prices, AI IPOs and market risks prompted him to take profits, causing backlash across crypto circles after his recent bullish calls for much higher prices.
- HYPE remains one of the best-performing crypto with a 167% year-to-date gain, but 10xResearch’s Markus Thielen called the rally overheated in the short-term.
The selloff pulled HYPE back to $67 from record highs near $75, though the token remains up more than 70% since mid-May.
Hayes said the decision reflected growing caution about broader markets rather than a change in his view of Hyperliquid. He pointed to rising energy prices tied to the Iran conflict, several high-profile AI IPOs expected in the coming months and his belief that financial markets could peak between now and September.
“Time to take profit,” he wrote.”
The abrupt exit caused backlash in crypto circles because Hayes had been among Hyperliquid’s most vocal supporters. Just days earlier, he reiterated a $150 price target for HYPE and, in a March essay, laid out a roadmap for how the token could reach that level.
Arthur Cheong, founder of crypto investment firm DeFiance Capital, described the move as “the epitome of a guy that over-trades his position” in an X post.
