Arthur Hayes-Linked Wallet Withdraws $2.93M in HYPE

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Hayes-linked wallet moves another $2.93 million in HYPE off Gate.io

Blockchain analytics platform Lookonchain reported that wallet address 0xf7A4D9c590A860f17D0305DaB743108De9C07494 withdrew 44,156 HYPE, valued at roughly $2.93 million, from Gate.io around one hour before the alert was published.

The withdrawal marks the latest move in a series of profitable trades involving the wallet, which reportedly generated more than $508,000 in profits through two HYPE swing trades over the past two weeks.

The wallet has been repeatedly labeled by on-chain analytics firms as being linked to Arthur Hayes, although neither Hayes nor his family office, Maelstrom, has publicly confirmed ownership of the address.

According to Lookonchain, the wallet completed two successful HYPE swing trades during the previous two weeks, generating a combined profit of approximately $508,000. The trading pattern involved depositing HYPE to centralized exchanges near local highs before later withdrawing tokens following price declines.

Background: Arthur Hayes has remained vocal on Hyperliquid

Hayes has been one of the most prominent public supporters of Hyperliquid and its native token, HYPE, throughout 2026.

Earlier this month, Hayes publicly announced that he had sold his entire HYPE and NEAR positions amid broader macroeconomic concerns. However, he later clarified that he still expected HYPE to outperform Solana by the end of the year and maintained a bullish long-term outlook on the project.

In a recent essay titled “Hype Man,” Hayes praised Hyperliquid’s revenue generation model, particularly its buyback mechanism, and argued that the protocol could continue gaining market share in the on-chain perpetual futures sector.

The latest withdrawal extends a pattern of active HYPE trading associated with Hayes-linked wallets, including previous movements involving Bybit and other exchanges.

What the latest withdrawal could signal

The Arthur Hayes-linked wallet withdrawal differs from a typical exchange deposit, which often precedes selling activity.

Moving tokens from a centralized exchange to a self-custody wallet generally reduces immediate sell pressure because assets become less readily available for spot liquidation. Such transfers are frequently interpreted as signs of accumulation, long-term holding, staking, or deployment into decentralized finance applications.

However, the context surrounding this wallet complicates that interpretation.

Lookonchain’s analysis suggests the address has been actively swing trading HYPE rather than simply accumulating. The wallet previously deposited tokens onto exchanges during periods of price strength and later withdrew after corrections, allowing it to realize significant profits.

As a result, the latest withdrawal may represent either renewed accumulation or preparation for another trading cycle.

Whale activity continues to attract market attention

Whale transactions involving high-profile market participants frequently attract significant attention within crypto markets, especially when they involve assets with strong momentum.

HYPE has been one of the best-performing large-cap crypto assets this year, supported by strong protocol revenues, aggressive token buybacks, and growing adoption of Hyperliquid’s decentralized perpetual exchange.

At the time of publication, HYPE was trading near $64, roughly 11% below its recent all-time high near $76. The token continued to record substantial trading activity, with daily volumes exceeding $500 million across major exchanges.

Despite the sizeable withdrawal, no immediate market reaction directly attributable to the transaction has been observed.

Attribution questions remain unresolved

While both Lookonchain and Arkham Intelligence associate the wallet with Hayes, blockchain labeling remains probabilistic rather than definitive.

Hayes has previously disputed some reports connecting specific wallet activity to his personal trading decisions. In earlier instances involving HYPE purchases, he publicly denied directly executing the transactions attributed to him.

Consequently, the exact relationship between the wallet, Hayes personally, and Maelstrom remains unclear.

Until publicly confirmed, the address should be considered Hayes-linked rather than definitively controlled by the former BitMEX CEO.

Risks and market considerations

Large whale movements can influence market sentiment even when they do not immediately affect supply.

Because the wallet has demonstrated active trading behavior in the past, traders may monitor future deposits back to exchanges for clues regarding potential selling activity.

At the same time, overinterpreting individual wallet movements carries risks. Whale addresses often represent funds, market-making operations, or multiple entities rather than a single trader.

The absence of clear ownership confirmation also means market participants should avoid drawing firm conclusions solely from wallet activity.

Watching the next move

The crypto community will likely continue tracking the wallet for additional HYPE transactions.

Future exchange deposits, staking activity, or further withdrawals could provide additional insight into whether the recent transfer reflects long-term accumulation or another tactical trading strategy.

For now, the latest Arthur Hayes-linked wallet withdrawal underscores the growing market interest in whale behavior surrounding Hyperliquid as HYPE remains one of crypto’s most closely watched assets.