{"id":29967,"date":"2026-05-31T19:37:49","date_gmt":"2026-05-31T18:37:49","guid":{"rendered":"https:\/\/investx.fr\/en\/2026\/05\/31\/arthur-hayes-hyperliquid-flip-solana-market-cap-bull-run\/"},"modified":"2026-05-31T19:37:51","modified_gmt":"2026-05-31T18:37:51","slug":"arthur-hayes-hyperliquid-flip-solana-market-cap-bull-run","status":"publish","type":"post","link":"https:\/\/investx.fr\/en\/crypto-news\/arthur-hayes-hyperliquid-flip-solana-market-cap-bull-run\/","title":{"rendered":"Arthur Hayes Predicts Hyperliquid Will Overtake Solana in Market Cap Before the Bull Run Ends"},"content":{"rendered":"\n

Arthur Hayes<\/strong>, co-founder of BitMEX<\/strong>, has just dropped a prediction that is sending shockwaves through the Solana community. In his view, Hyperliquid (HYPE) could surpass SOL in market capitalization<\/strong> before the current bull cycle comes to a close.<\/p>\n\n\n\n

The statement comes at a time of growing uncertainty about how much runway the bull run<\/a><\/strong> has left \u2014 and it puts a fresh spotlight on the meteoric rise of this on-chain DeFi protocol<\/strong>.<\/p>\n\n\n\n

What arguments support this thesis? And what does it reveal about the broader repositioning of capital across the crypto ecosystem?<\/p>\n\n\n\n

Hayes Pushes Back Against the Bears: HYPE as a High-Conviction Bet<\/h2>\n\n\n\n

While some analysts are raising the alarm about a potential market reversal, Arthur Hayes<\/strong> is taking the opposite stance with a sharp, unambiguous position. He maintains a strong bullish bias on Hyperliquid<\/strong>, presenting it as one of the assets most likely to outperform before the cycle tops out.<\/p>\n\n\n\n

Hayes<\/strong> is no passive observer \u2014 he is well known for his direct, well-documented takes, often backed by macro analyses published on his personal blog. His conviction on HYPE<\/strong> fits into a broader market reading, one in which protocols generating real revenue and capturing on-chain value are gaining the upper hand over competing Layer 1<\/a><\/strong> blockchains.<\/p>\n\n\n\n

Hyperliquid<\/a><\/strong> has established itself as the most widely used perpetuals DEX in the crypto ecosystem<\/strong>, with daily volumes that regularly rival those of second-tier centralized exchanges. Its fully on-chain, intermediary-free architecture gives it a distinct value proposition \u2014 and a loyal, fast-growing user base.<\/p>\n\n\n\n

\"Hyperliquid<\/figure>\n\n\n\n

Hyperliquid vs. Solana: The Market Cap Battle Dividing the Market<\/h2>\n\n\n\n

Flipping Solana<\/a><\/strong> is no small ambition. SOL<\/strong> sits among the top five crypto assets by market cap, backed by a dense ecosystem spanning DeFi, NFTs, memecoins, high staking yields, and growing institutional adoption. The market cap gap between HYPE and SOL remains significant today<\/strong>, which makes Hayes’ prediction as bold as it is divisive.<\/p>\n\n\n\n

That said, the momentum behind HYPE<\/strong> deserves serious attention. The token has seen massive appreciation since its launch, driven by solid fundamentals: protocol revenues redistributed to stakers, deep liquidity across its perpetuals markets, and a highly engaged community. These elements represent credible catalysts for a meaningful compression of the valuation gap.<\/p>\n\n\n\n

The central question remains one of timing. In a bull run, sector rotations can be swift and brutal. If capital continues to flow toward high-yield DeFi protocols<\/a><\/strong> at the expense of generalist Layer 1 blockchains, Hayes’ scenario is not unrealistic<\/strong> \u2014 even if it remains highly speculative at this stage.<\/p>\n\n\n\n

What This Prediction Reveals About the Maturity of the DeFi Market<\/h2>\n\n\n\n

Beyond the HYPE vs. SOL<\/strong> matchup, Hayes’<\/strong> thesis points to a deeper structural shift: the market is beginning to value protocols based on real revenue<\/strong>, rather than narrative or ecosystem size alone. Hyperliquid<\/strong> generates measurable fees that are redistributed on-chain \u2014 a model that institutional investors understand and appreciate.<\/p>\n\n\n\n

This logic echoes the long-running debate between “fat protocols”<\/strong> and “fat applications”<\/strong> that has been shaping crypto research for years. If applications capture more value than the base layers beneath them, then protocols like Hyperliquid<\/strong> could structurally outperform Layer 1<\/strong> blockchains like Solana<\/strong> over the long term.<\/p>\n\n\n\n

By making this prediction publicly, Hayes<\/strong> is doing more than sharing an opinion \u2014 he is actively shaping market sentiment<\/strong> within a community that follows his analysis closely. In an environment where narrative plays a decisive role in price action, a statement of this kind can itself become a catalyst.<\/p>\n\n\n\n

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