This matter is really quite dramatic. BitMEX founder Arthur Hayes recently said at a summit that HYPE could increase 126 times to $5000, but last night he directly sold all 96,600 HYPE he held, cashing out $5.1 million.
His response on Twitter was more extreme, saying that selling coins was to pay the deposit for a new Ferrari. This kind of inconsistent behavior directly shattered the community's confidence, causing the HYPE price to drop more than 9%, falling below the $50 mark.
What’s worse is that his own fund Maelstrom released a report stating that HYPE will unlock $500 million worth of tokens every month starting this November for 24 months. With the current repurchase ability, only 17% can be absorbed; who will take on the remaining $410 million selling pressure? Hayes retweeted this article, saying this is the reason for his sell-off.