Hyperliquid price slips to $80 as $14.83 million moved off Coinbase Prime

Hyperliquid‘s HYPE token traded near $80.80 after a nearly 3% drop, as large wallet activity drew attention across the crypto market. Two wallets, reported by the onchain analytics platform Onchain Lens, withdrew a combined 83,630 HYPE—valued at $6.69 million—from Coinbase Prime, raising their estimated two-week accumulation to 223,350 tokens worth $14.83 million.

Whale withdrawals and market response

Onchain Lens identified the two addresses—0xCa521B105133cb3Ee9903F85F6A51ba46aF63C12 and 0xa14DD0DE933104d56A55D43F12e8c6Dc5800411b—as closely coordinated, citing transaction timing and matched fund movements. These actions followed HYPE’s recent peak price of $86.71 on August 28, with trading now fluctuating between $78.60 and $84.94.

Whale withdrawals from major exchanges can reduce circulating supply, but their exact intent remains unknown, as wallet holders are pseudonymous. Moving assets to self-custody generally delays resale unless tokens are later redeposited onto exchanges.

A new wallet also acquired 440,000 HYPE via institutional broker FalconX, while four additional wallets recently withdrew 675,000 HYPE from Coinbase, staking much of the amount. Onchain Lens valued these positions at a combined $53.92 million.

Wallet ActivityToken AmountValueTwo linked wallets (Coinbase withdrawal)83,630 HYPE$6.69 millionTwo-week total accumulation (same wallets)223,350 HYPE$14.83 millionFour recent wallet withdrawals + staking675,000 HYPE$53.92 million

Market sentiment shifted following comments from Warsh, who said the Federal Reserve needs clearer progress toward its 2% inflation target. Those remarks at Jackson Hole lifted expectations for further rate hikes, pressuring both Bitcoin and other risk assets such as Hyperliquid.

Derivatives market data showed HYPE open interest near $1.95 billion, with negative funding rates indicating crowded short-side trades. Leverage continues to add volatility, as liquidations can quickly intensify price swings when thresholds are breached.

Immediate price support for HYPE sits between $78 and $80. Should HYPE fall below $78, downside targets move to the $73–$75 band. A sustained rally above $84 could prompt a challenge to the previous high at $86.71.

Staking, funds, and exchange flows

Bitwise, a leading crypto asset manager, disclosed that its Hyperliquid-based BHYP fund lists wallet address 0x6183AeCb22b09b4CB167F2B42C611243C7E74318 among its three known holdings. This wallet alone held approximately $74.9 million in staked HYPE, including a recent delegation of 188,790 tokens worth $15.19 million.

Bitwise’s total HYPE holdings were reported at 2,332,714 tokens, valued at $185.96 million, with a 70% staking ratio. These numbers suggest significant fund-driven supply remains locked, with only a portion attributable to the listed address.

Bitwise’s BHYP fund has staked about $74.9 million of HYPE through a single disclosed wallet, following a fresh delegation of 188,790 tokens valued at $15.19 million. The entire trust reported $185.96 million in HYPE holdings and a 70% staking rate as of August 27.

HYPE staking removes tokens from immediate circulation, making it harder for stakers to sell without first unstaking. Bitwise structured its BHYP product to pursue staking with all assets except for a minimum 30% liquidity reserve.

Hyperliquid’s mechanism returns 99% of trading revenue into HYPE buybacks, generating recurring demand, while new exchange deposits balance outflows as part of overall market dynamics.

Wallets linked to the investment firm Multicoin deposited $59.04 million in HYPE to Coinbase Prime last month, with cumulative on-exchange deposits since February surpassing $100 million. Onchain analysts view these flows as potential signs of custody changes, liquidity management, or sale preparation, though blockchain data cannot directly reveal underlying motives.

The current price structure revolves around the $78 to $84 range, with Bitcoin trading at $77,000 serving as a potential anchor for sideways consolidation. Renewed exchange deposits or broader weakness could increase pressure on support, while continued staking activity would further limit immediate token supply.

Mini dictionary: Bitwise, founded in 2017, is an American crypto asset manager known for its index funds and exchange-traded products. BHYP is Bitwise’s HYPE-backed fund aimed at institutional investors seeking exposure and yield through staking.

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