Overview

• On September 21, the BitMEX co-founder sold all 96,628 HYPE tokens for about $5.1 million, booking roughly $823,000 in profit, or a 19.2% gain.
• HYPE fell about 8% in 24 hours and dipped below the prior $52–$53 support range, according to CoinMarketCap data.
• Hayes referenced Maelstrom research detailing approximately 237.8 million tokens vesting over 24 months, a supply overhang he said the market has not priced in.
• On-chain trackers also flagged heavy whale activity around the sale, including a roughly $122 million HYPE withdrawal linked by analysts to Techno_Revenant.
• Hayes rotated into DeFi exposure with nearly $1 million of Ethena’s ENA, as market watchers also pointed to rising competition from Binance-backed Aster in perpetuals DEXs.