Arthur Hayes explained the reason for selling HYPE: the massive unlock is the "Sword of Damocles".

On September 22, Arthur Hayes shared an analysis article titled "The Sword of Damocles for HYPE" and stated, "This is the reason for the sale of 96,600 HYPE today. But don't worry, a 126-fold increase is still possible; 2028 is still far away." The analysis mentioned that HYPE is about to face its true test. Starting from November 29, 2025, 237.8 million HYPE tokens will begin to be unlocked linearly over a 24-month period. At a price of 50 dollars per token, this amounts to 11.9 billion dollars in team unlock value, with nearly 500 million dollars worth of tokens entering the market each month. The analysis pointed out that the current repurchase capacity can only absorb about 17% of the unlocked tokens, leaving a surplus of about 410 million dollars/month in token supply. The potential "Sword of Damocles" when the tokens are unlocked. This morning, Arthur Hayes sold 96,600 HYPE, worth 5.1 million dollars. Just three weeks ago, he predicted that the price of HYPE could rise 126 times in the coming years.