Post #11767

Arthur Hayes' New Essay – HYPE Man In his latest essay "$HYPE Man," Arthur Hayes makes the case for why Hyperliquid is the highest-quality project in all of crypto right now - and why $HYPE can 5x by August 2026, even in a weak market. Why Now? • In sideways/bear markets, exchange tokens outperform - they earn fees regardless of price direction • Hyperliquid is the largest revenue-generating crypto project (excluding stablecoins) • 97% of all revenue goes to $HYPE buybacks - no other project returns this much to token holders Bull Case for $HYPE • Current price ~$30, Hayes' target - $150 by August 2026 (5x) • Trading at ~12x P/E - cheap vs. CME (26x), Robinhood and Coinbase (up to 40x) • Only +4% market share shift from CEXs needed to double annualized revenue • HIP-3 (permissionless listings) already drives ~10% of revenue - gold, silver, Nasdaq, S&P 500 perps trading 24/7 Why Competition Isn't a Threat • Lowest ADV/OI ratio among top 5 perp DEXs = most organic, real volume • Deepest order book: cheapest execution on $100k, $1m, and $10m trade sizes • Competitors inflate volumes through liquidity farming - Hyperliquid doesn't need to Risks & Stress Test • Even in a bear case (max team token dumping + 12x multiple) - target still $58 (+75% from current) • Team dramatically cut token distributions: from ~20% in Nov/Dec to ~1% in Jan/Feb Hayes' Portfolio Move • $HYPE is now Maelstrom's largest liquid shitcoin position • Accumulated in the mid-$20s, continuing to add • Selling "all other inferior projects" to own more $HYPE 🔗cryptohayes.substack.com/p/hype-man @TOP7ICO