TLDR
- Arthur Hayes bought 26,022 HYPE for about $1.1 million on April 11, Lookonchain said.
- Hayes now holds 247,334 HYPE valued near $10.44 million.
- Lookonchain said Hayes is sitting on more than $2.5 million in unrealized gains.
- Bitwise is moving forward with a Hyperliquid index ETF filing.
Arthur Hayes added to his Hyperliquid position as Bitwise moved ahead with its ETF filing plans. The two developments kept HYPE in focus and tied fresh trading interest to a possible fund route. The latest update centers on Arthur Hayes scooping up more HYPE while Bitwise pushes its Hyperliquid ETF plan.
Lookonchain said Hayes bought 26,022 HYPE for about $1.1 million on Saturday. The purchase was his first HYPE buy in nearly three months, and it lifted his total holdings. Both updates arrived as Hyperliquid stayed ahead of rivals in perps volume.
Hayes adds to HYPE holdings
Lookonchain posted the trade after the transaction settled on-chain. It said Hayes now holds 247,334 HYPE worth about $10.44 million at current prices. The tracker also placed his unrealized profit above $2.5 million after the latest buy.
The new order followed a series of HYPE purchases made earlier this year. On-chain data had already shown Hayes selling several altcoins to buy about $1.9 million in HYPE in February. That steady pattern suggests he is still building exposure rather than trading around short-term price moves.
HYPE traded near $41 after the latest transaction, according to CoinGecko data cited in the report. The token was down about 2% over 24 hours, yet it remained well ahead for the year. That price level also left HYPE about 31% below its September record.
Buybacks remain central to Hayes view
Hayes has also backed Hyperliquid in public comments and in a March blog post. At that time, he said HYPE could reach $150 by August. He tied that target to revenue growth, market share, and regular token buybacks.
Hayes argued that Hyperliquid remains the top venue for on-chain perpetual futures trading. He also said trading fees feed steady HYPE buybacks, and that may support demand. His model at Maelstrom treated that revenue stream as a core reason for upside.
Hayes previously wrote, “No other project in all of crypto hands as much money back to token holders as Hyperliquid.” That quote summed up his view of the protocol’s fee design and cash flow. Still, the token remains below its prior peak at current levels.
Bitwise filing adds another market angle
Bitwise is also moving ahead with a Hyperliquid index ETF filing. That step added another market angle as Hayes returned to buying. It also raised attention on whether HYPE can draw broader investor access through listed products.
DefiLlama data showed Hyperliquid leading 24-hour perps volume with about $2.6 billion. Aster ranked next with roughly $1 billion in the same period. Hyperliquid also kept a clear lead in 30-day volume over edgeX, Aster, and Lighter.
Year to date, HYPE has risen about 61%, while Bitcoin and Ether have both fallen. The report said Bitcoin was down 18%, and Ether was down 25% over the same stretch. Those returns kept HYPE ahead of the two largest crypto assets so far this year.
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