The HYPE token price declined 9.52% to $67.41 following news that prominent investor Arthur Hayes sold his holdings. Hayes, co-founder of BitMEX, cited macroeconomic risks but indicated he still expects markets to peak before September. Despite the drop, the token remains above key technical support levels.
The HYPE token price declined after Arthur Hayes disclosed he sold his HYPE and NEAR holdings. At press time, HYPE was trading at $67.41, representing a 9.52% decrease over 24 hours.
On X, Hayes stated he sold both tokens and would explain his rationale in an upcoming essay titled “Reality Test.” He cited several macroeconomic forces for his decision. These included rising energy prices, upcoming AI company IPOs, and anticipated U.S. cryptocurrency policy changes.
Hayes indicated he still believed the market could reach its peak again between now and September. The token’s price fell to approximately $67 following his comments and broader market weakness.
Nevertheless, the HYPE price remains above its 50-day and 200-day moving averages. The RSI has also pulled back from overbought territory, showing a slowing momentum.
Market sentiment has been affected by the recent correction. HYPE is one of the best-performing tokens in the crypto space so far this year.
The market now watches to see if HYPE can hold support above $60. Traders are awaiting Hayes’s detailed market outlook in his forthcoming essay.
