Why did Arthur Hayes liquidate HYPE? Bitcoin is still expected to reach 250,000 at the end of the year.

BitMEX founder Arthur Hayes recently emphasized in an interview in South Korea that he remains optimistic about Hyperliquid in the long term. However, considering the selling pressure in November and the potential fee-cutting strategies of competitors, he has preemptively liquidated HYPE. He still expects Bitcoin (BTC) to reach $250,000 by the end of the year. When discussing the digital asset finance company (DAT), he believes that this market is too difficult to operate in, with Maelstrom primarily focused on PIPE investments.

Looking positively at Hyperliquid in the long term, why sell HYPE?

Arthur Hayes explained the reasons for his family office Maelstrom liquidating its HYPE positions during an interview at the KBW2025 conference held in Seoul on September 23, 2025.

Hayes mentioned that he sees competitors continuously entering the market, which could trigger a fee-cutting model, while there will be significant potential selling pressure in November. This makes Hayes question whether Hyperliquid has enough revenue to conduct buybacks to support the coin price. Therefore, after considering the probabilities, he decided to take profits first.

However, Haypes remains optimistic about Hyperliquid in the long term, emphasizing that the 126-fold growth is based on the outlook for 2028. If there is a subsequent pullback, he will buy in again, which is the operational strategy of Maelstrom.

DAT is too difficult to operate, mainly investing in PIPE.

When asked about his views on the digital asset financial company (DAT), Arthur Hayes stated that they also invested in DAT, mainly through private investment PIPE, and also traded through the secondary market, but he admitted that it is a very difficult market to operate in.

Although PIPE can directly subscribe for equity at a low price, there is usually a three-month lock-up period. By the time you actually receive the shares, market sentiment may have changed. In such a market, making a profit of 10-20% would be considered good! Therefore, Maelstrom will not focus its main efforts on this market.

Nevertheless, Hayes has personally joined the advisory of the Solana reserve strategy company Upexi, perhaps the advisory fees are more stable than trading?

(Arthur Hayes joins the SOL reserve company, UPXI surges over 18%)

Bitcoin year-end target is 250,000, aiming for one million dollars by 2028.

In addition, Hayes remains confident in the cryptocurrency market, as everyone can make money in the crypto market. Therefore, the Trump administration will strongly support the cryptocurrency industry. He still maintains his year-end target price for Bitcoin at $250,000, and by the time the Trump team leaves office in 2028, it could reach a price of $1,000,000.

In this article, Arthur Hayes explains why he is selling HYPE. By the end of the year, Bitcoin is still expected to reach 250,000 USD, first appearing in Chain News ABMedia.