When onchain tracking firm Lookonchain flagged that a wallet linked to Hayes had deposited 115,453 HYPE worth $6.33 million into Bybit on May 23, the move raised questions, especially because just a few weeks earlier, Hayes had recently made a bullish $150 price call on the token’s price (even though his wallet activity suggested potential selling).

That question now has an answer as the deposit was confirmed as a sell at an average of $54.81 per token. The same wallet then withdrew 85,714 HYPE (worth $5.37 million) from Bybit at $62.69 per token, roughly three hours before the investigation was published. In all, Hayes-linked activity cashed out a larger position at $54.81 and bought back a smaller one at approximately $8 more per token.

Image source: X

In a widely read essay published earlier this year, Hayes named Hyperliquid as his highest-conviction position and set a price target of $150 for HYPE by August 2026. His outlook hinges on Hyperliquid’s revenue model, which directs approximately 97% of trading fees toward buying back HYPE from the open market, a structure he has argued makes it the most capital-efficient token in decentralized finance ( DeFi).

HYPE Rally Adds Context to Hayes-Linked Wallet Activity

HYPE’s performance has since validated much of that underlying thesis with the token hitting an all-time high of $64.24 on May 24, while the platform processed over $176 billion in 30-day trading volume with open interest surpassing $8 billion. The network generated over $896 million in revenue over the past 12 months, placing it among the most profitable DeFi protocols in operation.

The wallet attributed to Hayes also carries a 504.4 BTC long position worth approximately $38.9 million and a 57,460 ZEC short currently at a loss, indicating broad multi-asset exposure across the book. As with all onchain wallet attributions, the link to Hayes is based on analyst clustering methodology and has not been confirmed by Hayes himself.

Lastly, for broader context on the HYPE short landscape, Bitcoin.com News reported last week that a Hyperliquid trader known as Loracle continued to defend a $103 million HYPE short as prices climbed toward a liquidation level near $69.90.

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