Arthur Hayes has once again stirred the crypto crowd, but this time by questioning the belief that Jeff will never sell his HYPE tokens. Hayes mocked the “never sell” narrative, noting that even wealthy founders cash out.
He explained that the upcoming token unlock could trigger heavy selling, forcing the market to reprice HYPE tokens.
The End of the Four-Year Bitcoin Cycle
Hayes believes the old Bitcoin cycle is gone. Halvings alone no longer drive prices. Now, it’s all about liquidity, how much new money central banks create. Each past bull run, from 2009 to 2021, occurred during a period of massive money printing.
Every crash followed tighter credit. This time, Hayes says, governments everywhere are spending without restraint on defense, subsidies, and reindustrialization. These developments could stretch the bull run all the way to 2027 or 2028.
Arthur Hayes: In the Era of Global Money Printing, Crypto Market Enters a Long-Term Bull Run
BitMEX co-founder Arthur Hayes said in an interview with Coin Bureau on November 3 that politicians worldwide are pursuing “spend without tax hikes” policies, stimulating the economy… pic.twitter.com/9yCpMkOJP3
— Wu Blockchain (@WuBlockchain) November 9, 2025
For Hayes, the formula is simple. When money printing increases, Bitcoin’s value rises. When liquidity dries up, prices fall. With politicians addicted to deficit spending, he expects an extended cycle and a huge “blowoff top” before the next big correction.
He predicts that Bitcoin could reach $999,999 by 2027, driven by inflation, government debt, and ongoing money creation. The so-called “supercycle,” a smooth up-only ride, doesn’t exist, he says. Human greed ensures unpredictable fluctuations.
Why Hayes Sold His HYPE Tokens
Hayes sold his HYPE tokens before the unlock, partly as a joke (“to buy a Ferrari Testarossa”) and partly because he anticipated insiders would also sell. He doubts that anyone, including Jeff, will hold their tokens indefinitely.
He believes the token is generating more revenue but expects the market to lower its valuation multiple when new supply enters it. Hayes plans to re-enter when prices reflect more realistic future earnings.
Arthur Hayes(@CryptoHayes) just sold all 96,628 $HYPE($5.1M) he bought a month ago, making ~$823K(+19.2%).
During his speech at the WebX Summit on Aug 25, he predicted a 126x upside for $HYPE, but is now out with less than a 20% gain.https://t.co/B6z5x7dOsvpic.twitter.com/69s0ZzIIii
— Lookonchain (@lookonchain) September 21, 2025
DEX Growth, Stablecoins, and Zcash Bets
Hayes sees decentralized exchanges (DEXs) growing fast because they’re cheaper to run than centralized ones. He’s also bullish on Ethena’s USDe stablecoin, calling it one of the three that will dominate alongside Tether and Circle.
Based on privacy, Hayes is placing significant bets on Zcash. He bought millions’ worth after a chat with Naval Ravikant. He argued that privacy coins will matter again in a world of digital surveillance.
Sat next to @naval at dinner. He shilled me $ZEC. I aped. All my brokers said I couldn’t trade, so I had to have it. pic.twitter.com/vWTbn2HUNW
— Arthur Hayes (@CryptoHayes) October 2, 2025
Conclusion
Arthur Hayes says liquidity drives everything and stays pragmatic about his HYPE tokens. He’ll sell when it makes sense and buy back when others panic. In his view, the smart money waits for the market to reset, then reloads when fear returns.