Why it happens
Hollandaise is an emulsion, where tiny droplets of melted butter are held suspended in egg yolk. The yolk contains lecithin, an emulsifier that coats the fat droplets and stops them joining back together. If the sauce gets too hot, the yolk proteins tighten and coagulate, so they can no longer hold the butter and it leaks out. Adding the butter too quickly overloads the yolk before it can emulsify it. A sauce that cools too much can also split as the butter starts to firm up.