Arthur Hayes: HYPE preparing for bigger breakout as price rallies to new 2025 peak

Hyperliquid (HYPE) fulfilled the expectations of rallying, as it reached a new peak for 2025. Crypto influencer Arthur Hayes predicts an even larger breakout for the DEX token. 

Hyperliquid (HYPE) is trending again, as its native token rallied to a new peak for 2025. The breakout happens just a day after whales accumulation was noticed, as Hyperliquid continues to draw attention and new traders. 

Arthur Hayes, crypto influencer and the co-founder of BitMex, expects a rally above $40 with the unpredictability of price discovery. 

HYPE reached $39.18, adding over 10% for the past day, after a period of almost non-stop recovery since the lows of $12 in April. 

Traders are already putting higher targets on HYPE, due to the long period of preparation and accumulation. HYPE broke out as trading volumes increased over 137% in the past day, up to $1.7B. The HYPE rally liquidated $1.44M in short positions. 

Currently, HYPE long and short positions are nearly equally balanced, with some drift toward more shorting, as HYPE may backtrack to a lower range in the short term. HYPE remains unpredictable as it shifts toward a new price range. Traders are split between an irrational rally similar to meme tokens, and an opportunity to short an over-valued asset. 

HYPE is still trading neutral, not showing signs of being overbought. The asset is not even among the hottest trending crypto, leading to predictions for a more gradual and extended rally. Attempts at short liquidation may also lead to more near-vertical gains in a short time span. 

Hyperliquid brought out HYPE whales

HYPE remains risky as 71.91% of trades are on-chain, locked in the native Hyperliquid ecosystem. The concentrated liquidity has brought out aggressive whales, who have engaged with token during previous rallies. 

A whale deposited $9.975M $USDC into #HyperLiquid and bought 259,367 $HYPE at a price of $38.46.

Previously, the whale has made over $10M in $HYPE trades.https://t.co/iKAuQmwO0d pic.twitter.com/VkKsVWaQgg

— Onchain Lens (@OnchainLens) June 10, 2025

Whales are also coming from external ecosystems, even using Solana’s Kamino Lend to borrow USDC and deposit it to Hyperliquid. HYPE was bought near its peak price in the past 24 hours, and some of the whales staked the tokens, easing the potential selling pressure. 

The current Hyperliquid activity may repeat the peak statistics of May, with record volumes and over $70M in generated fees. However, in the past weeks, liquidations slowed down as traders became more strategic. Hyperliquid remains one of the few exchanges to offer up to 40X leverage for BTC.

Most of the open interest on Hyperliquid is still for BTC and ETH. However, trading other tokens is accelerating, including the native token. The DEX currently holds $558M in liquidity locked, expecting more significant expansion to compete with older DEXs and even centralized markets. 

Some of the engagement with HYPE may be organic, due to the ability to tap into the new BTC bullish trend. However, there are also rumors of an eventual second airdrop, which may drive additional activity and social media posting. 

An additional source of interest came from the trade moves of James Wynn with high-value positions which were publicly liquidated. Recently, Wynn stated he is back on Hyperliquid with an unknown account, continuing his strategy of longing BTC with high leverage.