Arthur Hayes Exits Hyperliquid Just Days After Public $100K Bet
Benzinga reported Thursday that BitMEX co-founder Arthur Hayes liquidated his entire Hyperliquid and NEAR positions, just 72 hours after publicly wagering $100,000 that the HYPE token would outperform every top-ten digital asset by year-end.
The Bet That Lasted Three Days
Hayes had placed the wager on June 1 against Multicoin Capital managing partner Kyle Samani, who accepted the challenge and backed Solana as his pick. On the same day, Hayes posted “Meow, HYPE to $150” on X, signalling strong conviction in the trade. That conviction evaporated almost immediately.
On-chain data cited by Benzinga showed Hayes transferred roughly $18 million worth of HYPE to market maker Flowdesk. When followers questioned whether he would remove his Hyperliquid-themed profile picture, Hayes was direct. He said the exit was temporary and that he would return to the position.
Four Macro Factors Behind the Arthur Hayes Hyperliquid Exit
Hayes outlined his reasoning on X, pointing to a cluster of near-term catalysts. Rising energy costs tied to the ongoing Iran conflict and global inventory restocking topped the list. He also flagged three large AI company IPOs expected before early Q3, arguing those listings would absorb significant liquidity from risk assets. A separate concern centred on the political calendar. Hayes predicted President Trump would adopt an anti-AI stance ahead of the midterm elections to broaden his appeal, a shift he believed would weigh on sentiment across technology-adjacent trades. Together, those factors led him to conclude the smartest move was taking profit and stepping back.
ETF Flows Tell a Contrasting Story
Despite Hayes stepping away from Arthur Hayes Hyperliquid exposure, the broader HYPE ETF category remains the only major crypto fund segment still attracting net new capital. According to Benzinga, U.S. spot Bitcoin ETFs extended a losing streak to 13 consecutive sessions as of Wednesday, bleeding roughly $4.37 billion since mid-May. Total assets across those products fell from around $104 billion to just under $83 billion. BlackRock’s iShares Bitcoin Trust alone shed more than $342 million in a single session.
By contrast, 21Shares’ THYP product pulled in nearly $3 million on the same day, pushing cumulative HYPE ETF inflows past $139 million since the fund launched on May 12. Grayscale simultaneously debuted its own HYPE vehicle, pitching it as the lowest-fee U.S. spot product in the category.
What Citi Says About ETF Flow Signals
Separately, Citi told clients this week that spot Bitcoin ETF flows now explain roughly 45% of weekly price movements in the asset, calling them the most reliable indicator of institutional adoption. The bank warned that sentiment is likely to stay muted for as long as outflows persist and the CLARITY Act remains stalled in Congress.
Read Next: Bitcoin ETF Outflows Hit 13 Sessions as Institutional Sentiment Softens
