On-chain data indicates that Arthur Hayes, co-founder and former CEO of BitMEX, has resumed accumulating HYPE tokens after a three-month hiatus, purchasing over $1 million worth. His activity coincides with HYPE’s price reaching a three-week high above $42 and follows key updates to Bitwise’s spot HYPE ETF application, which analysts suggest signals a potential imminent launch.
Arthur Hayes, the co-founder and former CEO of BitMEX, has purchased over $1 million in HYPE tokens, according to on-chain data. This acquisition marks his first accumulation of the asset in nearly three months.
Data from Lookonchain shows Hayes bought 26,022 HYPE tokens, valued at approximately $1.1 million. Wallets linked to him now hold 247,344 HYPE, worth around $10.44 million, resulting in an unrealized gain exceeding $2.5 million.
His purchase aligns with a significant price rally for HYPE, which recently climbed above $42. The asset has shown substantial volatility, surging to $44 in mid-March before a correction and subsequent recovery.
Market observers note concurrent developments in the race for a spot HYPE ETF. Bitwise recently updated its Hyperliquid ETF application to include the ticker $BHYP and set a management fee of 67 basis points.
Bloomberg analyst Eric Balchunas stated that such updates “typically mean launch soon.” He also noted HYPE is up 200% over the past year. Previously, Grayscale also filed an S-1 application for its own HYPE ETF.
Hayes has been active in the crypto markets recently, with notable trades including a purchase of ETHFI just before its listing on Upbit in March. His renewed interest in HYPE adds to the narrative surrounding the asset’s institutional prospects.
