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

Meanwhile, HYPE’s price surged to a three-week high above $42.

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.

https://twitter.com/lookonchain/status/2042927876828467254?ref_src=twsrc%5Etfw” target=”_blank

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.

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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.

https://twitter.com/EricBalchunas/status/2042710787748176296?ref_src=twsrc%5Etfw” target=”_blank