$HYPE Whale Sell-Offs Test Grayscale's Long-Term Confidence

A significant sell-off in the Hyperliquid protocol's native token, $HYPE, has been triggered by whale transactions to centralized exchanges. According to analytics platform Lookonchain, a wallet linked to Selini Capital transferred 495,473 $HYPE tokens, valued at approximately $26.8 million, to OKX on July 29, 2026.

The price of $HYPE reached its all-time high of $76.80 in June 2026 before declining. The current support zone is near the $54.37 level, and a confirmed loss would lead the price to seek the 200-day exponential moving average (EMA) located at $50.23.

Grayscale Investments, however, believes that Hyperliquid generates real operational cash flows, allowing the token to be evaluated using earnings per token rather than traditional earnings per share metrics. According to Grayscale's evaluation model, $HYPE trades at a forward multiple of roughly 15x to 18x, making it relatively modest compared to fintech sector peers like Coinbase, Robinhood, or Circle.