Arthur Hayes, the co-founder of BitMEX, has exited his HYPE holding and signaled the cash will help cover a Ferrari deposit after a sizable on-chain sale late this week.Based on reports, the move saw Hayes convert a large HYPE stake into roughly $5 million in proceeds, a trade that drew fast attention across social platforms and blockchain trackers.Hayes Moves And NumbersAccording to on-chain data cited by trackers, Hayes sold about 96,628 HYPE tokens in the transaction, realizing roughly $823,000 in profit — a 19% gain on that position.The sale was flagged by analytics accounts and picked up by multiple crypto news outlets as an outright exit from his HYPE bag. Those figures line up with the on-chain snapshot that first alerted market watchers.HYPE: The Market ResponseMarkets reacted quickly. Reports show HYPE’s price slid in the hours after the transfer, falling by roughly 7.6–8.3% in some snapshots and as much as 12% on certain exchanges and feeds that tracked trade impact.Traders and observers pointed to the size and timing of the sale as a key reason for the short-term dip in price.Need to pay my deposit on the new Rari 849 Testarossa https://t.co/PX7Hx0FuK9— Arthur Hayes (@CryptoHayes) September 21, 2025Hayes himself referenced paying a deposit on a new Ferrari 849 Testarossa in a public post, which outlets interpreted as the stated use of part of the proceeds.Based on reports, that comment — whether tongue-in-cheek or literal — helped shape headlines and social chatter about why the sale happened now.Past Predictions And TimingOnly weeks earlier, Hayes had publicly forecast a very large upside for HYPE, saying the token could rise as much as 126× over a multiyear period.That bullish projection was repeated at public appearances and amplified across crypto forums. The contrast between a bold long-term call and a near-term exit has been a talking point among analysts and retail investors.There are additional, more technical reasons cited by some analysts for taking profits now. Reports have highlighted looming token unlocks and scheduled vesting that would add fresh HYPE supply to the market over coming months.One report referenced a large scheduled vesting of hundreds of millions of tokens spread across a two-year window, a factor that could pressure price if large portions are sold into the market.What This Could Mean Going ForwardBased on reports and market commentary, Hayes’ sale is being read two ways: as straightforward profit-taking by a high-profile holder, and as a signal to watch supply dynamics closely.Liquidity events from big holders often force short-term volatility, while longer-term price direction will depend on adoption, trading demand, and how future unlocks are absorbed.Featured image from Unsplash, chart from TradingView