#ArthurHayes看好HYPE超越SOL HYPE hits a new all-time high! Arthur Hayes declares: Will it surpass SOL? The market may be reenacting the ETH myth

June 1st, the market once again witnesses history. According to market data, Hyperliquid’s ecosystem token HYPE breaks through $72, setting a new all-time high. Meanwhile, the famous macro trader in the crypto market, Arthur Hayes, made a statement on social media that caused a stir: “From the current list, which mostly consists of low-quality tokens, HYPE should at least surpass SOL before this bull market ends. Are we not daring enough to imagine?” For veteran players who experienced the DeFi bull run of 2021 and the ETF bull run of 2024, Arthur Hayes is never someone who casually calls trades. The question is: why is HYPE rising?
Why does Arthur Hayes believe it has a chance to surpass SOL?
If HYPE truly becomes the biggest dark horse of this cycle, what will happen? Today, we analyze in depth.

What exactly is HYPE?
Many people still haven't realized. Hyperliquid is not an ordinary public chain project. It’s more like: “On-chain version of Bn + On-chain version of Byt + Decentralized Nasdaq.” Currently, what is the biggest narrative in the entire crypto market? The answer is simple: trading. Whether it’s AI, RWA, stablecoins, or memes, ultimately, they all require a trading market to support them. Over the past few years, trading markets have been mainly monopolized by two types of players: Bn, coinb, and a host of centralized exchanges. Hyperliquid attempts to solve a long-standing problem: why is on-chain trading experience always inferior to centralized exchanges? So they directly reconstructed a new infrastructure. Features include: ultra-low latency, fully on-chain order book, high-frequency trading capabilities, perpetual contract markets, self-built L1 experience, nearly approaching centralized exchange levels.
Many professional traders, after their first use, have the same feeling: “Finally, a DEX that feels like a CEX.” That’s also why Hyperliquid has rapidly attracted a large volume of derivatives trading over the past year. What truly drives the market crazy is its business model!
What are the main issues with most public chains? Low revenue. High valuation. Users don’t profit. Tokens can only rely on narratives. But Hyperliquid is different. It has a model that traditional finance loves: cash flow. Many investors suddenly realize: Hyperliquid is not just promising future growth; it is already making money. According to public data, Hyperliquid has long ranked among the top in on-chain derivatives trading volume. The higher the trading volume: higher fees, higher platform revenue, higher network value. What does this resemble? Like Bn in 2021. Also like early Ethereum. The market first saw: crypto industry can also have truly “profitable assets.” Arthur Hayes’ focus is not on the price. In fact, he looks at the structure. Why does he say: HYPE might surpass SOL? Because SOL is facing an awkward situation. The biggest logic for SOL’s rise in the past year: Meme craze, high-frequency trading, retail speculation, but these flows have not fully translated into SOL’s intrinsic value capture. Conversely, Hyperliquid’s entire trading activity revolves directly around the platform ecosystem. In other words: SOL is a seller of shovels. HYPE is more like owning the entire gold rush. Arthur Hayes’ true message is: in the future, the market will give higher premiums to “cash flow assets.” An overlooked signal is that a structural change is happening in this bull market.
2021: The market speculates on concepts.
2024: The market speculates on ETFs.
Since 2025: The market begins to focus on income. This is very similar to the logic after the internet bubble. When all projects are just storytelling: capital chases narratives. When the market matures: capital begins to chase profits. A phenomenon emerges: more and more institutions are researching: protocol revenue, fee sharing, token buybacks, real user growth, and among these indicators, Hyperliquid is one of the most eye-catching projects in the industry. That’s also why more traditional funds are starting to see it as: the “high-growth financial stock” of the crypto industry.

Will HYPE become the SOL of this cycle?
In fact, the market has already started pricing it this way.
Looking back: in 2020, no one believed ETH would rise to $4,000. In 2021, no one believed SOL would go from a few dollars to $260. In 2023, no one believed BONK would become a billion-dollar asset. Every bull run produces an asset that exceeds everyone’s expectations. Arthur Hayes’ question is quite interesting: are we not daring enough? In plain language: has the market underestimated the ultimate market share Hyperliquid can capture? If in the next few years, the following scenarios occur: on-chain trading explodes, derivatives market continues to grow, users migrate from centralized exchanges, and US regulations promote transparency on-chain, then Hyperliquid could become one of the biggest beneficiaries.
But risks also exist
When market sentiment is high, it’s even more important to see the other side. Hyperliquid faces several core risks:
First, competitive risks including: Bn on-chain layout
Coinb on-chain strategy
Emergence of new-generation DEXs
No one can guarantee the eternal dominance.
Second, regulatory risks
Derivatives trading remains a regulatory focus, especially the US attitude towards on-chain perpetual markets in the future. Uncertainty still exists.
Third, valuation risks
When everyone starts believing HYPE will surpass SOL, the market often overestimates future expectations. Short-term volatility could be far beyond investors’ imagination. A larger trend is forming:
If 2024’s keyword is: Bitcoin ETF, then 2025–2026’s keyword might be: On-chain Capital Markets.
From stablecoin legislation advancement, to RWA explosion, to the rise of on-chain exchanges, the entire industry is shifting from “storytelling” to “doing business.” Hyperliquid happens to stand at this turning point. Arthur Hayes’ optimism may not be about a token, but about a trend: the most valuable crypto protocols in the future may not be the highest TPS public chains or the hottest AI projects, but those that can sustainably generate cash flow, attract users, and create profits.

Conclusion
HYPE breaking $72 is just a price event. What truly matters is: the market is beginning to redefine what constitutes a “quality asset.” Past bull markets were driven by narratives. Future bull markets may be driven by profits. If this logic holds, then Arthur Hayes’ statement “surpass SOL” might not be an aggressive prediction but a reminder to the market: the next wave of wealth effect may no longer come from storytellers but from those who are truly profitable. And will HYPE become the next phenomenon-level myth in the crypto market? The answer may be slowly revealed in every transaction on the chain.