CoinDesk Podcast Network HYPE to $150? Arthur Hayes Breaks Down His Bull Case | Markets Outlook
Mar 13, 2026
Arthur Hayes, BitMEX co-founder and Maelstrom CIO, explains why he turned bullish on Hyperliquid’s HYPE token and what could push it toward $150. He breaks down real liquidity vs wash trading, trading traditional markets on the platform, exit signals to watch, comparisons with GMX, a case for Zcash’s privacy narrative, and his bold Bitcoin price target.
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From 126x Prediction To Sell To Rebuy
- Hayes published an earlier 126x HYPE prediction, then later sold due to concerns about unlocks and competition, and recently published a renewed bullish essay.
- The turnaround stemmed from the team voluntarily restricting token sales, shifting his view back positive.
Hayes Sold HYPE Then Reentered After Team Changed Behavior
- Hayes recounts previously selling HYPE due to token unlocks and competition, then flipping bullish after the team limited monthly token sales.
- He describes selling around $50–$55 and seeing HYPE drop to about $20 before renewed conviction.
Hyperliquid Has Best Execution For Large Orders
- Real liquidity matters for large institutional-sized trades; Hayes measured slippage and found Hyperliquid cheapest for $100k–$10m orders.
- That objective slippage advantage attracts traders seeking deep fills, strengthening Hyperliquid's market position.