Arthur Hayes Loads Up on HYPE as Bitwise’s Hyperliquid ETF Nears Launch

On-chain data reveals that BitMEX’s co-founder and former CEO has begun accumulating HYPE again after a multi-month hiatus.

The most recent purchase coincides with the asset’s significant run that drove it to over $40, as well as the latest developments on Bitwise’s HYPE ETF application.

Hayes Buys as Price Rockets

Lookonchain updated earlier on April 11 that the Maelstroms’ executive had spent over $1 million to accumulate 26,022 HYPE tokens. This was his first such purchase in almost three months. Wallets linked to him show that he currently holds 247,344 HYPE, worth around $10.44 million, and he sits on a paper gain of $2.5 million.

Hayes has been quite active lately in terms of crypto purchases and sell-offs. The latest big accumulation that made the headlines was in mid-March when he bought ETHFI just hours before the asset was listed on Upbit, which led to a substantial price uptick.

His HYPE purchase comes in a rather compelling time for the asset, which has been on a substantial roll lately. After dipping below $27 when the war in Iran started on February 28, the asset surged to $44 by March 18. It slipped again, this time to $34, in early April, but jumped once again, reclaimed the $40 resistance, and now sits at $42.

HYPE ETF Comes Soon?

Perhaps a portion of HYPE’s latest gains could be attributed to the growing hype (no pun intended, seriously) in the race for a spot ETF. As reported several weeks ago, Grayscale filed an S-1 for its HYPE ETF application, while the latest development came from Bitwise at the end of the business week.

Bloomberg’s expert on the matter, Eric Balchunas, noted that Bitwise has updated its Hyperliquid ETF application to include the BHYP ticker and set a fee of 67 bps. He concluded that such moves “typically” mean that the product will see the light of day soon.

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