Arthur Hayes-linked address deposits $5.7M in HYPE to Bybit

An address linked to BitMEX co-founder Arthur Hayes has deposited 85,714 HYPE, worth approximately $5.73 million, to Bybit in three transactions over the past three hours, according to an analysis by Onchain Lens. Deposits to exchanges are typically interpreted as a precursor to selling. The move follows a statement from Hayes earlier today in which he announced he had sold all of his HYPE and NEAR holdings, adding that he would explain his reasoning next Tuesday.