According to ChainCatcher, on-chain analytics platform Lookonchain detected that a wallet address 0xf7A4, associated with BitMEX co-founder Arthur Hayes, withdrew 44,156 HYPE tokens from the cryptocurrency exchange Gate approximately one hour ago. The withdrawn tokens are valued at roughly $2.93 million. This move has drawn attention from on-chain observers as the same address has been actively trading HYPE recently.
Lookonchain's data further reveals that over the past two weeks, the address executed two HYPE swing trades. Based on historical records, the address bought and then sold HYPE twice, generating a cumulative profit of approximately $508,000. This indicates a short-term high-sell-low-buy strategy that has yielded significant returns.
Arthur Hayes, co-founder of crypto derivatives exchange BitMEX, is a well-known figure in the industry, and his on-chain activities are often closely monitored. This large withdrawal of HYPE may be related to personal portfolio adjustments. The address has not yet publicly disclosed the rationale behind the operation, but market participants regard it as an important on-chain signal. HYPE is the native token of the Hyperliquid ecosystem and has recently experienced notable price volatility, meaning such large-scale on-chain movements could impact short-term liquidity.