When Arthur Hayes suddenly praises the coin you bought, you should be cautious.

CN
17 hours ago

Original | Odaily Planet Daily (@OdailyChina)

Author | Azuma (@azuma_eth)

When Arthur Hayes suddenly supports the coin you bought, you should be cautious

BitMEX founder Arthur Hayes seems to have recently "fallen in love" with Hyperliquid.

When Arthur Hayes suddenly supports the coin you bought, you should be cautious

  • On May 23, Arthur Hayes posted on X stating that his goal in this bull market might be for "HYPE's market cap to surpass SOL."

  • On June 9, taking advantage of Binance.US's post on X to educate about Hyperliquid, Arthur Hayes again inquired about CZ's plans for listing HYPE spot trading, saying: "Does this mean Binance is about to list HYPE spot?"

  • On June 11, Arthur Hayes updated X again, asking the community whether they think "Hyperliquid's trading volume will surpass Binance in this bull market"?

With such high-frequency "support," does Arthur Hayes really believe in HYPE's potential for growth? The reality may not be that simple.

On June 12, just one day after Arthur Hayes supported HYPE, Hyperliquid community member @obese.potato.pip discovered some interesting movements on-chain — Arthur Hayes seems to be selling HYPE.

When Arthur Hayes suddenly supports the coin you bought, you should be cautious

According to @obese.potato.pip's monitoring, a suspected Arthur Hayes address transferred multiple batches of HYPE yesterday, including transferring 73,000 HYPE (about $3 million) to Flowdesk, 40,000 HYPE (about $1.64 million) to Wintermute, 53,000 HYPE (about $2.2 million) to Galaxy, and 55,000 HYPE (about $2.3 million) to Gate.

By tracing on-chain data, we identified the following address: 0xc32235231d29831a2cb2a11e3f9c7f38160fc1dd.

When Arthur Hayes suddenly supports the coin you bought, you should be cautious

Although mainstream explorers like Etherscan have not marked this address, searching for it on the X platform reveals many associations with Arthur Hayes, providing reason to suspect that this address belongs to him.

Supporting while dumping… although it sounds a bit "shameless," this is not the first time Arthur Hayes has done this.

On December 21 last year, Arthur Hayes posted on X supporting Ethena (ENA), stating: "If a DeFi protocol has not integrated USDe or sUSDe, it should exit."

However, on the same day, Arthur Hayes's marked address released 9.018 million ENA from staking and then transferred 7 million ENA to Binance (at that time, ENA was priced around $1.21, making the total value of these tokens about $8.47 million), and a day later withdrew 7.85 million USDC from Binance using the same address, completely unabashedly dumping.

Afterward, Arthur Hayes also transferred nearly 10 million ENA to CEXs like Bybit to profit from the dump.

When Arthur Hayes suddenly supports the coin you bought, you should be cautious

Before this, Arthur Hayes had boldly predicted that ENA's price could break $10.

When Arthur Hayes suddenly supports the coin you bought, you should be cautious

Looking back at ENA's historical trend, when Arthur Hayes was "supporting while dumping," ENA had just regained the $1 mark, showing signs of a washout ending and continuing to rise, but the subsequent trend was a downward spiral, now having dropped over 70%.

When Arthur Hayes suddenly supports the coin you bought, you should be cautious

This time, with HYPE just breaking $40 and setting a new high, will Arthur Hayes's "support while dumping" operation repeat a similar script?

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