Arthur Hayes has sold more than 96,000 HYPE tokens on Sunday for $4.8 million, according to Hypurrscan.

Lookonchain reported that he made $823,000 in profit on the trade. “Need to pay my deposit on the new Rari 849 Testarossa,” said Hayes on Sunday.

Ferrari unveiled the new plug-in hybrid in Milan this month, and the 1,036-horsepower supercar is expected to go on sale starting at $540,000 for the coupe.

Need to pay my deposit on the new Rari 849 Testarossa https://t.co/PX7Hx0FuK9

HYPE Has Doubled This Year

The token dumped around 12% from just over $54 to bottom out at just over $47 during Monday morning trading in Asia. HYPE has doubled since the beginning of the year and hit an all-time high of $59.30 on September 18, amid a lot of hype and shilling from the likes of Hayes, who has also backed Ether.

In late August, Hayes took to the stage at the Tokyo Web3 conference to state that Hyperliquid has a potential upside of 126 times, based on surging annualized fees.

“This means he’s selling his whole stack the moment he steps down from the presentation,” said one observer at the time.

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/B6z5x7dOsv pic.twitter.com/69s0ZzIIii

Hyperliquid is a decentralized crypto derivatives exchange that allows speculators to take out highly leveraged perpetual contracts on crypto assets. It has surged in popularity recently, with total value locked.

Hayes made another prediction over the weekend after observing that the US Treasury’s General Account (TGA) surged past $850 billion earlier this month. “With this liquidity drain complete, up only can resume,” he said.

The theory is that the liquidity that was being used to top up the TGA would go into markets once the target level is hit.

Other Altcoins In Pain

HYPE is not the only altcoin in pain today. The native token for the Binance rival DEX Aster (ASTER) has also tanked, shedding 17% as it retreats from Sunday’s all-time high of $1.96.

The Solana memecoin market Pump.fun has also seen its native token (PUMP) dump 15% on the day, while Cronos (CRO) has shed 9% over the past 24 hours.

Ether, XRP, and Solana were all down around 4% while Dogecoin, Cardano, and Chainlink had larger losses in another Monday morning market rout.

The total market capitalization loss over the past few hours is around $80 billion, or 2.2% on the day.