On-chain data reveals significant portfolio shifts by prominent cryptocurrency figures and institutions. Arthur Hayes, co-founder of the BitMEX exchange, executed notable transactions during a market downturn. According to the data, Hayes sold his holdings in Pendle (PENDLE), Ethena (ENA), and Lido Finance (LDO) tokens. In their place, he purchased 57,881 Hyperliquid (HYPE) tokens, valued at approximately $1.91 million, within a 24-hour period. This acquisition brings his total HYPE holdings to 131,807 tokens, worth around $4.33 million.
Hayes's overall portfolio, excluding HYPE, is valued at $43 million. A significant portion, $21.72 million, is held in the USDC stablecoin. His largest non-stablecoin holding is Ethereum (ETH), valued at $6.8 million, followed by Pendle (PENDLE) at $1.96 million.
In a parallel development, on-chain analysis suggests cryptocurrency asset management firm Multicoin Capital has also reallocated capital towards HYPE. Data indicates that in the last week of January, wallets associated with Multicoin transferred 87,100 ETH (worth roughly $220 million) to a deposit address linked to Galaxy Digital. Following this, on January 23rd, a connected wallet began purchasing HYPE tokens via Galaxy.
The first major HYPE transfer to Multicoin occurred on January 26th, involving approximately 465,000 HYPE (around $16 million). Over the next five days, an additional 990,000 HYPE (approximately $30.6 million) was transferred. While these transactions have not been officially confirmed by Multicoin Capital, they point to a substantial institutional accumulation of the HYPE token.
