HYPE Faces Supply Pressure as $27.8M in Large-Holder Transfers Hits Exchanges

Hyperliquid (HYPE) faces renewed supply pressure after Galaxy Digital transferred approximately $8.11 million worth of tokens to Bybit and OKX within a four-hour period, as reported by Onchain Lens.

This transfer adds to the nearly $19.67 million in HYPE deposited into exchanges by a whale over two weeks, placing around $27.78 million in total on exchanges.

However, despite these large deposits, Hyperliquid's spot netflow remains negative at near $3 million, indicating that outflows have partly countered the exchange-side supply pressure.

The derivatives' positioning also adds support to HYPE, with its OI-Weighted Funding Rate recovering and reaching a positive 0.006% on September 9, indicating fresh long-side positioning.