A whale entity has moved a substantial volume of assets out of the Hyperliquid network. According to tracking by on-chain analytics account @lookonchain on X, a whale who purchased 1.02 million HYPE at an average price of $18 roughly 17 months ago has now unstaked the tokens. The entire holding was immediately deposited into two institutional custodians, FalconX and Coinbase Prime - a move that signals the tokens may be prepared for a sell-off.
The withdrawal also involves a second, larger wallet. The second wallet tied to the same whale, address 0x90B3, unstaked tokens on the same day. From this second wallet, the whale withdrew 1.89 million HYPE, valued today at $105.9 million. Combined, the total potential selling pressure from the two wallets’ activity exceeds $105.9 million - a sum substantial enough to test market liquidity.
How Much Profit Is Being Taken Out
While @lookonchain’s post did not specify today’s market price for HYPE, the $105.9 million valuation for 1.89 million tokens indicates the asset is trading around $56 per token. This figure reflects a steep surge compared to the whale’s initial entry at $18 roughly a year and a half ago. The transfer of millions of tokens from staking contracts to FalconX and Coinbase Prime follows a classic whale distribution pattern. Major players typically utilize institutional brokers to gradually offload profits without immediately crashing open market prices.
The sheer scale of these transactions carries direct implications. Given the volume of tokens lined up for potential offloading, the HYPE market could face tangible selling pressure should these sales execute in the near term.
A DEX That Once Generated 67% of Crypto Revenue
Beyond these whale maneuvers, the Hyperliquid network itself holds significant weight in the ecosystem. The project is a perpetual decentralized exchange (DEX) built and operated on its dedicated Layer-1 blockchain. Its track record is equally notable. According to previous data reports, the network once led the sector in revenue generation. Alongside meme coin launchpad Pump.fun, Hyperliquid accounted for 67% of total global crypto revenue during its peak period.
For retail investors, this whale activity serves as a practical warning. Institutions and large capital allocators rarely withdraw funds from yield-bearing staking setups simply to leave them idle on an exchange. When major players begin moving their holdings toward the exit, other market participants should exercise caution and strategize before taking new positions.
Sourced from @lookonchain on X.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
