Whale Watching Season: Arthur Hayes Joins the $HYPE Accumulation Squad as ETF Hype Builds

Arthur Hayes is back at it again, stacking $HYPE like it's going out of style. The BitMEX co-founder recently dropped another $1.1 million on 26,022 tokens, bringing his total bag to a cool 247,334 $HYPE worth approximately $10.44 million. For those counting at home, he's up over $2.5 million on the position—not too shabby for playing the long game.

But Hayes isn't alone in the pool. On-chain data from Lookonchain reveals other large holders have been depositing millions in USDC, positioning themselves ahead of what they hope is an upward breakout. The accumulation spree has pushed $HYPE above the stubborn $40 resistance level, with the token currently trading around $42—representing a solid 12% weekly gain.

Meanwhile, Bitwise has updated its SEC filing for a Hyperliquid ETF under the ticker BHYP, featuring a 0.67% management fee. This financial product would serve as an on-ramp for traditional capital into the DEX ecosystem, and the market is clearly pricing in some institutional optimism.

On the real utility front, the HIP-3 protocol continues generating record fees through commodity trading—yes, oil on blockchain. This has proven attractive to traders seeking exposure to global markets during periods of geopolitical turbulence. A significant chunk of those fees flows directly into token buyback programs, creating a deflationary pressure that purists tend to appreciate.

According to DeFiLlama, Hyperliquid ranks among the top fee generators in the DeFi space, outperforming several direct competitors. Some analysts are floating targets of $150 by August, though those predictions should be taken with appropriate skepticism.

The community will be watching the SEC's next moves regarding applications from Grayscale and 21Shares as this story develops.