{"id":23488,"date":"2026-03-09T18:18:54","date_gmt":"2026-03-09T18:18:54","guid":{"rendered":"https:\/\/bitunikey.com\/news\/arthur-hayes-calls-hyperliquid-his-top-shitcoin-as-hype-target-hits-150\/"},"modified":"2026-03-09T18:18:59","modified_gmt":"2026-03-09T18:18:59","slug":"arthur-hayes-calls-hyperliquid-his-top-shitcoin-as-hype-target-hits-150","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/arthur-hayes-calls-hyperliquid-his-top-shitcoin-as-hype-target-hits-150\/","title":{"rendered":"Arthur Hayes calls Hyperliquid his top \u2018shitcoin\u2019 as HYPE target hits $150"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p>Arthur Hayes backs Hyperliquid as his largest liquid shitcoin bet, targeting $150 HYPE as Bitcoin grinds near $69K in a derivatives\u2011driven, fragile macro regime.<\/p>\n<div id=\"cn-block-summary-block_8aa46022c49eedbb82c7c3348bf789f3\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Hayes makes Hyperliquid his largest liquid shitcoin position and calls it crypto\u2019s highest quality project by real, fee\u2011paying users.<\/li>\n<li>He targets $150 per HYPE by August 2026 if annualized revenues revisit $1.4 billion on modest perp market\u2011share gains from CEXs.<\/li>\n<li>ADV\/OI metrics and Bybit\u2019s 2026 outlook both underscore that market structure and derivatives flows now drive Bitcoin more than the classic four\u2011year cycle.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>Bitcoin trades firmer near $69K as derivatives-driven market structure collides with a fragile macro backdrop, and Arthur Hayes makes Hyperliquid (HYPE) his \u201clargest liquid shitcoin position.\u201d His latest essay frames Maelstrom as \u201chype men that monetize attention,\u201d arguing that in a choppy regime \u201cthe best performing shitcoins are exchanges\u201d because they keep earning fees even when spot markets stall.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">My essay on why <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24HYPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">$HYPE<\/a> is going to $150 by August 2026. <\/p>\n<p> <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/M1la2HpdzT\">https:\/\/t.co\/M1la2HpdzT<\/a><\/p>\n<p>\u2014 Arthur Hayes (@CryptoHayes) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoHayes\/status\/2030972350074908920?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">March 9, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>Hayes singles out perp DEX Hyperliquid, calling it \u201cthe dominant perp DEX\u201d and \u201cthe largest revenue-generating project that isn\u2019t a stablecoin,\u201d with 97% of revenue used to buy back HYPE from the market. In his base case, he targets $150 per HYPE by August 2026, roughly 5x from the \u201ccurrent price of ~$30 at the time of writing,\u201d contingent on 30\u2011day annualized revenues climbing back to about $1.4 billion and only a modest 3.97% market\u2011share shift from CEX perps. That thesis leans heavily on HIP\u20113 permissionless listings, which in \u201conly four months\u201d have grown to \u201cclose to 10% of total Hyperliquid revenues,\u201d driven by perps on silver, gold, Nasdaq 100 and the S&amp;P 500.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>Under the hood, Hayes argues that what matters now is\u00a0<em>structure<\/em>, not just narratives. He points to the ADV\/OI ratio as the \u201conly objective measure to rank exchanges,\u201d concluding that \u201cHyperliquid\u2019s volumes are the most real out of the top 5 perp DEXs because its ADV\/OI ratio is the lowest.\u201d That view echoes broader research like Bybit\u2019s 2026 Crypto Outlook, which says the classic four\u2011year Bitcoin cycle is fading as \u201cmacroeconomic policy, institutional participation, and market structure play a growing role in price formation.\u201d<\/p>\n<p>Macro is not exactly friendly, but crypto is trading with a resilient, derivatives\u2011heavy profile. Bitcoin changes hands near $69,100, up about 2.7% over the last 24 hours. Ethereum trades around $1,993, with a 24\u2011hour range between roughly $1,922 and $2,016. Solana sits close to $81.7, down from $83.2 a day earlier, while Hyperliquid changes hands near $34.2, up roughly 13.2% on the session. For Hayes, that backdrop is the setup: \u201cIf the macro is figgity fucked for a while, what can I buy? What is the highest quality project that has real users, paying real money, and giving that money back to token holders?\u201d His answer is blunt: \u201cHyperliquid is the highest quality project in all of crypto across these metrics.\u201d<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Arthur Hayes backs Hyperliquid as his largest liquid shitcoin bet, targeting $150 HYPE as Bitcoin grinds near $69K in a derivatives\u2011driven, fragile macro regime. Summary Hayes makes Hyperliquid his largest&hellip;<\/p>\n","protected":false},"author":1,"featured_media":634,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-23488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/23488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=23488"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/23488\/revisions"}],"predecessor-version":[{"id":23489,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/23488\/revisions\/23489"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/634"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=23488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=23488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=23488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}