HYPE Jumps Double Digits as Hayes-Linked Wallet Moves $3.16M
A wallet that was previously associated with co-founder of BitMex, Arthur Hayes, has pulled out new funds of HYPE tokens from the exchange Bybit, even though the co-founder recently announced that he had sold out all his HYPE coins. On Monday, June 15, the address identified as 0xf7A4 pulled 47,000 HYPE from Bybit, which was around $3.16 million at current prices as per Lookonchain. The move follows an earlier withdrawal and return of 33,978 HYPE that drew attention last week.
Background to the Transfers
Last week Arthur Hayes publicly stated that he no longer held HYPE. Shortly after that comment, the 0xf7A4 address, which on-chain analysts and explorers link to Hayes, withdrew 33,978 HYPE from Bybit. Hayes later denied buying HYPE, and the same wallet sent that earlier amount back to Bybit, suggesting a reversal or correction.
The new withdrawals appear different. On Monday, the same address again withdrew HYPE from Bybit, this time taking 47,007 tokens off from the exchange. Blockchain sleuths flagged the move because the wallet uses the same Bybit deposit address as addresses previously associated with the BitMex co-founder. There is no public on-chain evidence that Hayes personally executed the transaction, and Hayes has not responded to these specific reports at the time of writing.
What The Transfers Could Mean
On-chain transfers between exchanges and wallets can indicate either personal trades, institutional movements, custodial adjustments, or internal bookkeeping. A transfer to the wallet from the exchange can imply the user’s wish to keep their holdings, although it does not mean anything without the user saying so.
The previous movement of 33,978 HYPE to Bybit could be a mistake or just another attempt to change the wallet, as it did not indicate any trading action. A fresh transfer of 47,007 HYPE could mean buying the tokens or moving them to another wallet for safekeeping.
ETF Inflows Add Market Context
The HYPE market has seen significant institutional interest since spot HYPE exchange traded products launched. Spot HYPE ETFs have drawn about $153 million in net inflows within their first month of trading, while cumulative trading volume across the three main products reached close to $900 million. The three ETFs currently on the market are 21Shares’ THYPE, Bitwise’s BHYP, and Grayscale’s HYPG. Together they hold HYPE tokens and distribute staking rewards to investors.
ETF providers and market makers have been active buyers. Bitwise reportedly purchased another 77,097 HYPE through broker FalconX roughly an hour before the latest on-chain alert, a purchase valued at approximately $5.18 million. These flows coincide with a notable amount of the HYPE, nearly 45% of the stakeable supply, is locked for staking rewards, reducing available circulating tokens for trading.
Price Impact and Market Reaction
HYPE has experienced positive pressure as ETFs attract fresh liquidity. According to SoSoValue, on Monday, June 15, 2026, the token added about $17.19 million in net buys across reported channels. ETF requirements in tandem with staking activity can contribute towards tightening the supply and creating more volatility when major off-exchange buyers or portfolio managers enter the market.
Social media traders, among other market participants, were quick in responding to the 0xf7A4 withdrawal. While some traders considered the decision a direct breach of the previously stated positions by Hayes, others were quick in noting that the movement should not be confused for Hayes’ own purchases.
Moreover, the price of the HYPE token is currently experiencing an uptick. At press time, the price of the token stands at $75.21 with a surge of 11.5% in the last 24-hours as per CoinGecko.
What to Watch Next
Crypto investors should keep an eye if there is any kind of confirmation regarding Hayes being the controller of the said address. ETF managers can also be monitored so that huge purchases can be tracked, since additional institutional buying would likely keep upward pressure on HYPE.
