[Arthur Hayes: HYPE Faces Valuation Multiple Compression Risk] BitMEX co-founder Arthur Hayes posted on the X platform, stating that HYPE faces the risk of valuation multiple compression. Annual revenue has almost returned to its historical peak, but the token price is much lower. In the increasingly competitive environment of decentralized perpetual contract trading platforms (Perp DEX), speculators are unwilling to pay excessive premiums for uncertain future revenue.