Arthur Hayes believes Hyperliquid is pulling capital away from Solana
- This year, capital has been leaving the crypto market, but some funds are flowing from one altcoin to another.
- Arthur Hayes believes Solana’s weak performance is linked to liquidity moving into Hyperliquid.
This year, most altcoins have recorded significant capital outflows: Ethereum (ETH) has lost more than $115 billion in market capitalization, while Solana ($SOL) has faced outflows of more than $50 billion.

Many are wondering whether capital has left the cryptocurrency market altogether or whether it has been invested in new altcoins, although it is difficult to imagine where such large sums could have gone. Arthur Hayes believes liquidity is flowing into the Hyperliquid token, which could rise above Solana in the cryptocurrency rankings.
The DEX token $HYPE has gained more than 170% this year, making it one of the most attractive altcoins in the current cycle. As a result, the crypto asset’s market capitalization has doubled since October 2025, while Solana’s capitalization fell by around 1.5 times over the same period, losing $40 billion.
These figures support Arthur Hayes’s assumption, which is also shared by other members of the crypto community. One analyst predicts that $HYPE could reach the $100 mark faster than $SOL.
Given that Hyperliquid is 42% below that level but is supported by steady capital inflows, its chances of reaching $100 faster appear higher. Meanwhile, $SOL is slipping into the $80 range, while still firmly holding 7th place in the overall cryptocurrency rankings.
Considering $HYPE’s strong momentum and Solana’s declining market capitalization, major changes in the cryptocurrency rankings may be ahead. Among the altcoins gaining traction, the most vulnerable asset in the top 10 appears to be the memecoin Dogecoin, which has no clear real-world use case.
See also: "Fidelity Digital analysts name six key crypto market trends"
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