Crypto Token HYPE Drops 10% After Famous Trader Sells Everything

A popular cryptocurrency called HYPE dropped 10% in price after a famous crypto trader suddenly sold all his tokens, surprising many investors.

Arthur Hayes, who co-founded the crypto exchange BitMEX, announced on social media that he sold his entire HYPE position (all the tokens he owned). This is shocking because just days earlier, he predicted HYPE would reach $150 - double its current price.

The token fell from its all-time high of $75 to $67 after Hayes' announcement. Despite this drop, HYPE is still one of the best-performing cryptocurrencies this year: • Up 167% since January • Up 70% since mid-May • Still trading near record levels

Hayes explained he sold because he's worried about three major risks: • Rising oil prices due to Middle East conflicts • Many AI companies planning to go public (IPO means selling shares to regular investors for the first time) • His belief that markets might crash between now and September

Many traders criticized Hayes for this move. Some called him a "guy that over-trades" (buys and sells too often), while others questioned why people still follow his advice when he changes his mind so quickly.

The bottom line: Even famous traders can be wrong or change their minds suddenly. HYPE remains a strong performer this year, but this event shows how one person's actions can move crypto prices dramatically.

This is an AI-generated summary. Read the original article at: https://www.coindesk.com/markets/2026/06/04/hyperliquid-pulls-back-from-record-highs-as-arthur-hayes-exits-position-shy-of-usd150-price-target