On June 8, blockchain monitoring platform Onchain Lens flagged a wallet address (0x827ca7…3D3D55) associated with BitMEX co-founder Arthur Hayes that withdrew 33,979 HYPE worth approximately $2.09 million from exchange Bybit. The wallet now holds 34,066 HYPE tokens, signaling a recent accumulation move.
On-Chain Accumulation Signals, Founder Denies
The monitoring data shows the linked wallet withdrew HYPE from Bybit in multiple transactions on June 8, pushing its balance from near zero to 34,000 tokens. With HYPE trading near local lows, some in the community interpreted this as Arthur Hayes buying the dip.
However, Hayes quickly responded on social media, stating bluntly: “I have not made any buy orders.” The statement directly contradicts the on-chain movements, leaving the market puzzled about the wallet's true intent — whether it is operated by a third party on Hayes' behalf, or if Hayes is strategically denying to avoid a copycat rally.
Just Days After Dumping 247,000 HYPE
Notably, early June saw Hayes' linked wallet liquidate a massive position. Onchain Lens tracked the address selling roughly 247,300 HYPE between June 4 and 6, netting $18.02 million, effectively emptying its previous HYPE holdings.
That sell-off aligned with Hayes' bearish market commentary, in which he warned that crypto may be nearing a cycle top and that a wave of AI IPOs could drain liquidity. From bullish calls to a full exit and then a suspected re-entry, Hayes' HYPE trading rhythm has left observers dizzy.
Market Wondering: What's the Real Agenda?
Within a week, the same wallet went from dumping nearly 250,000 HYPE for $18 million to being spotted withdrawing HYPE from an exchange — only for the individual behind it to deny buying. This contradiction has spawned several theories in the community:
- Third-party operation: The wallet might be controlled by a trading team or partner, not Hayes himself
- OTC settlement: Withdrawing HYPE from Bybit could relate to derivatives settlement, hedging, or over-the-counter deals, not spot purchases
- Strategic denial: Hayes may want to prevent his followers from chasing the price, preserving room for future accumulation
At press time, HYPE was trading around $61.5, down over 60% from its all-time high. Hayes had previously made a public bet with Multicoin Capital co-founder Kyle Samani, claiming HYPE would outperform SOL and ETH within six months. Now, with his contradictory moves, the market's trust in this “call master” is under scrutiny.