PANews reported on September 22 that Arthur Hayes wrote that he had sold HYPE today, but he was still optimistic about the project's long-term performance and expected it to have 126 times of growth potential by 2028.

The article cited indicates that Hyperliquid's ecosystem token, HYPE, will begin a 24-month linear unlocking process on November 29th, reaching a total of 237.8 million tokens. At $50 per token, this translates to approximately $11.9 billion unlocked by the team, with a monthly release of nearly $500 million. The current buyback volume can only absorb approximately 17% of the total, resulting in an estimated $410 million in selling pressure each month. The accumulated HYPE and cash raised by DATs like Sonnet is insufficient to offset the unlocking pressure, raising questions about whether the market can absorb it.