Arthur Hayes Buys $2.2M of SYN on June 29, Backing Hypercall as Deribit Challenger

According to Bitcoin.com News, on June 29, Arthur Hayes, the co-founder and former CEO of BitMEX, purchased 6.16 million SYN tokens worth approximately $2.2 million through over-the-counter trading firm Flowdesk. Hayes publicly endorsed Hypercall, an onchain options exchange built on Hyperliquid, as a challenger to derivatives venue Deribit, stating the protocol is "that challenger" to properly take on the market leader.

SYN has surged more than 10-fold in June, with Synapse's market capitalization climbing toward $55–60 million and daily trading volume exceeding $95 million following Hayes's purchase and public backing.