Crypto
HYPE Faces Fresh Supply Pressure as Whale Transfers Near $20 Million
Hyperliquid, an asset trading under the ticker HYPE, has faced renewed supply pressure due to large holder deposits. Galaxy Digital transferred approximately $8.11 million worth of HYPE to Bybit and OKX within four hours.
The firm deposited 36,420 HYPE, valued at $3.10 million, to Bybit and another 58,850 HYPE, worth around $5.01 million, to OKX.
A separate whale continued taking profits through repeated exchange deposits, placing nearly $19.67 million in HYPE onto exchanges over two weeks.
Despite the large holder transfers, spot outflows countered concentrated selling, with a negative netflow of near $3 million recorded at press time.