Large holders of @HyperliquidX's native token are moving meaningful sums to centralised exchanges, raising questions about short-term selling pressure on $HYPE as the token pulls back from re
Large holders of @HyperliquidX's native token are moving meaningful sums to centralised exchanges, raising questions about short-term selling pressure on $HYPE as the token pulls back from recent highs.
According to on-chain analytics platform Lookonchain, an unknown wallet (address 0xc745) deposited 177,518 $HYPE, worth approximately $16.1 million, into @OKX and @Bybit_Official on September 28. The transfers included 90,518 $HYPE sent to @OKX and 87,000 $HYPE sent to @Bybit_Official.
It is worth noting that an exchange deposit does not automatically mean the tokens were sold. An exchange deposit makes the tokens available for trading but does not establish that they were subsequently sold. That said, such transfers are widely interpreted by traders as a precursor to a sale.
Separately, a wallet that Lookonchain labeled as linked to @hypersphere_ sold 62,869 $HYPE for approximately $5.78 million, with the tracker estimating around $2.13 million in profit on the position. The tokens had been purchased roughly a month earlier. Combined, the two tracked flows involved 240,387 $HYPE worth roughly $21.86 million.
The September 28 moves are not isolated. Multicoin Capital moved another $12.15 million worth of $HYPE to Coinbase Prime last week, with its deposits since July 28 reaching 4.23 million $HYPE worth $285 million at the time of the transfers.
Five large addresses also began unstaking a combined 983,600 $HYPE worth approximately $90.44 million on September 24, according to TradingBeats data cited by Lookonchain. The largest address started unstaking 391,800 $HYPE worth nearly $36 million, while another removed 209,600 $HYPE worth $19.24 million from staking. Tokens leaving staking contracts can become available for transfers or sales once the unstaking process is completed.
$HYPE, the native token of the Hyperliquid decentralised exchange, has rallied by over 100% this year. Earlier in September it hit a new all-time high of almost $100, but the token has since pulled back to roughly $90. The wave of large-wallet activity is adding to near-term pressure, even as institutional buyers continue to step in on the other side of the market.
Sources:HYPE falls below $90 as whales sell: critical levels traders must watch (Invezz)HYPE Whale Transfers Hit Exchanges as Price Slips and Buybacks Continue (Crypto Adventure)Hyperliquid Strategies buys $45.8M HYPE while whale selling concerns remain (crypto.news)
