Hyperliquid (HYPE) Could Flip Solana, Arthur Hayes Claims — The Numbers Behind the Prediction

Key Highlights

• Former BitMEX CEO Arthur Hayes forecasts HYPE will surpass Solana’s market capitalization during this bull cycle, suggesting a target price exceeding $215
• The token reached a fresh record high of $70.36 before retreating modestly into the $68–$69 price zone
• Major wallet purchased 45,887 HYPE tokens worth $3.12 million at $68.09 average, demonstrating institutional conviction
• The protocol has executed buybacks totaling more than $1.16 billion of HYPE tokens from secondary markets
• Grayscale revised its S-1 submission for a HYPE staking ETF, while Bitwise’s BHYP ETF has attracted approximately $60 million since its May debut

Hyperliquid (HYPE) has established a new price peak at $70.36, propelled by sustained acquisition activity, institutional whale movements, and increasing visibility from prominent crypto investors.

The digital asset had been trading sideways around the $54 level before aggressive buying momentum emerged, breaking through several technical barriers. Trading volume expanded significantly during the upward movement, culminating in the all-time high.

Following the $70.36 peak, HYPE experienced modest profit-taking that brought prices back to the $68–$69 corridor. However, demand quickly materialized to absorb the selling, maintaining prices near record territory.

Blockchain analytics reveal a major holder deposited $3.12 million USDC and immediately converted it into 45,887 HYPE tokens at a $68.09 average entry point. Notably, this accumulation occurred at elevated prices without waiting for retracement opportunities.

Arthur Hayes, co-founder of BitMEX, published commentary on X outlining his market cap expectations for leading crypto assets. He stated that HYPE should “at a minimum overtake SOL before this bull run is over.”

The Mathematics Behind Hayes’ Ambitious Target

When Hayes made his statement, Solana commanded a market capitalization near $47.73 billion while Hyperliquid stood at $15.04 billion. Achieving parity with Solana would require HYPE to appreciate approximately 3.17x from current levels, translating to a price target around $215.

Hayes also challenged market participants labeling the current environment as bearish. He noted his altcoin holdings contradicted that narrative, highlighting robust performance across selected high-risk assets as validation that the bull market remains intact.

Hayes maintains a position exceeding 26,000 HYPE tokens and has identified Hyperliquid as among his strongest conviction investments.

Open Interest surrounding HYPE has expanded to $3.3 billion, indicating substantial capital deployment supporting the asset.

ETF Developments and Protocol Buybacks Strengthen Demand

Hyperliquid’s native protocol has repurchased over $1.16 billion in HYPE tokens from public markets, establishing persistent buying pressure.

The platform also reported quarterly revenue approaching $152.5 million, according to data from Hyperliquid Strategies.

Grayscale has amended its S-1 documentation for a proposed Hyperliquid staking ETF. Meanwhile, Bitwise’s BHYP ETF has accumulated nearly $60 million in assets under management since its mid-May launch.

Matt Hougan, Chief Investment Officer at Bitwise, characterized HYPE as a “generational asset” and encouraged investors to evaluate the opportunity within the context of the $600 trillion global financial system.

Following Hayes’ public statements, HYPE was trading at $68.89, representing a 2.52% daily gain as of May 31.

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