Hyperliquid (HYPE) pulled back sharply on June 4-5, 2026, after BitMEX co-founder Arthur Hayes announced he had fully exited his position in the token, reversing a highly publicized bullish stance that included a $150 price target. The selloff triggered a cascade of profit-taking across the market, with HYPE falling from record highs near $75.48 on June 2 to around $60.61 by June 6, representing a 5.08% decline over 24 hours and 6.08% over the past week.