Fighting the trend is expensive. Fighting the trend while Arthur Hayes is on the other side of your trade is apparently $46 million worth of expensive.
On-chain trader “loracle.hl” has closed a short position in Hyperliquid’s HYPE token after absorbing losses exceeding $46 million. The capitulation came around June 2, as HYPE surged to a new all-time high of $75.52, punishing a bet that had been underwater for much of May’s rally.
The trader has now pivoted to a long stance on HYPE, along with Zcash (ZEC) and Near Protocol (NEAR), the three tokens that BitMEX co-founder Arthur Hayes has publicly labeled the “holy trinity” of crypto.
Hayes’ holy trinity and the $150 target
Arthur Hayes, who now serves as Chief Investment Officer at Maelstrom, has set a year-end price target of $150 for HYPE, which would represent roughly a 2x from current levels.
