Arthur Hayes raises HYPE price target to above $215

Arthur Hayes, an experienced name in the cryptocurrency market and co-founder of BitMEX, made a remarkable evaluation for Hyperliquid (HYPE). Hayes suggested that HYPE could surpass Solana in market cap during this bull run and announced a price target above $215. Although HYPE broke a new record by reaching $ 70.36 with its last rise, it retreated to the $ 68-69 band after short-term profit sales. As buyers stepped in again at these levels, the price maintained its position near the peak.

Upward momentum and corporate interest in HYPE

The rapid rise in HYPE’s price was supported by large transactions at the institutional level. On-chain data indicated that a significant unnamed investor converted approximately 3.12 million USDC into HYPE and purchased 45,887 tokens at an average price of $68.09. This movement attracted attention with the purchase made at high levels without considering the possibility of withdrawal.

Arthur Hayes stated in his social media post that HYPE’s market value may surpass Solana in this upward cycle, and the realization of this possibility means a price of approximately $ 215.

In recent days, HYPE broke away from the $54 level, where it was moving sideways, with a sudden increase in demand; There was a noticeable increase in trading volume and then an all-time high.

The mathematics of Hayes’ price prediction

At the time of Hayes’ statement, Solana’s market value was approximately $47.73 billion and Hyperliquid’s was $15.04 billion. For HYPE to reach the same level as Solana requires a value increase of approximately 3.17 times and a price band around $215. Hayes also countered rumors that the current market is in decline by highlighting the performance of altcoins in his portfolio and argued that, according to his analysis, a strong bull trend continues. It is stated that Hayes currently has over 26 thousand HYPE tokens.

Open positions also continue to grow. The total open position size on HYPE reached 3.3 billion dollars, indicating that new capital inflows to the market continue.

Mini dictionary: Open interest refers to the total contract value that has not yet been closed in futures or leveraged markets and is therefore still active in the market. An increase in the amount of open position may indicate an increase in trading volume and interest in the relevant asset.

ETF developments and protocol buybacks

Another factor that increased the interest in HYPE was the protocol’s buyback programs. To date, the Hyperliquid ecosystem has repurchased more than $1.16 billion worth of HYPE tokens from secondary markets. While this practice puts constant pressure on supply, it stands out as one of the factors that pushes the price up.

Hyperliquid’s announced revenue in the last quarter was announced as approximately 152.5 million dollars.

Mobility on the ETF front attracted attention. Grayscale has updated its S-1 filing for the HYPE staking ETF. BHYP ETF, launched by Bitwise in mid-May this year, reached an asset size of $60 million in a short time.

Bitwise Chief Investment Officer Matt Hougan called HYPE a “generational asset” and suggested investors analyze this opportunity within the $600 trillion global financial system.

As of May 31, HYPE is trading at $68.89 and is up 2.52% on a daily basis.