BitMEX founder frequently voices support for Hyperliquid, which may have deeper implications.

Recently, well-known figure in the cryptocurrency community, Arthur Hayes, seems particularly focused on Hyperliquid(HYPE). He has repeatedly expressed support for HYPE on social media, attracting widespread attention in the market.

In late May, Hayes mentioned that his goal for this bull market might be "HYPE's market cap surpassing SOL." At the beginning of June, he took the opportunity to popularize Hyperliquid on a certain trading platform, asking whether HYPE spot trading would be launched soon. A few days later, Hayes once again asked community members on social media whether they thought "Hyperliquid's trading volume in this bull market would surpass that of a major trading platform."

However, is Hayes really that optimistic about the development prospects of HYPE? The facts may not be as simple as they appear.

Just the day after Hayes made the above remarks, members of the Hyperliquid community discovered some interesting movements on the chain. Addresses suspected to belong to Hayes continuously transferred large amounts of HYPE tokens to multiple institutions. Observations indicate that these transfers included about $3 million to Flowdesk, about $1.64 million to Wintermute, about $2.2 million to Galaxy, and about $2.3 million of HYPE to a certain trading platform.

Through on-chain data tracking, we have identified an address that may belong to Hayes. Although mainstream block explorers have not marked this address, there are multiple pieces of information on social platforms linking this address to Hayes.

This "supporting while selling" operation does not seem to be Hayes's first attempt. In December last year, Hayes strongly supported the Ethena(ENA) project on social media, but on the same day, he unstaked over 9 million ENA and transferred ENA tokens worth approximately $8.47 million to an exchange. After that, Hayes also transferred a large amount of ENA to other exchanges for cashing out.

It is noteworthy that Hayes had predicted earlier that the ENA price might break through $10. However, after his "support while selling," the price of ENA has not only failed to rise but has also fallen, now dropping more than 70%.

Now, HYPE has just broken through $40 and set a new high, while Hayes has appeared again with similar actions. Market participants cannot help but ask whether this time will replay the previous script. Investors should maintain independent thinking while paying attention to the comments of well-known figures and cautiously assess market risks.