HYPE Whales Make $400M in Moves Amid Uncertainty
Recent on-chain activity involving Hyperliquid (HYPE) whales has raised questions about potential selling pressure or strategic institutional positioning. Over the past few days, wallets have staked and unstaked hundreds of millions of dollars worth of HYPE.
A whale reportedly staked 2.93 million HYPE, valued at around $172 million, after accumulating the tokens nine months ago at an average price of $44 per token. This puts the position on an unrealized profit of roughly $44.5 million at current prices.
Another major transaction saw a separate whale receive 557,902 HYPE, worth about $32.87 million, from institutional trading firm FalconX and then deposit them into Hyperliquid for staking.
The large unstaking activity has sparked speculation that major holders were preparing to sell. However, a community member suggested that the activity could be linked to ETF seeding rather than liquidation. According to him, custodians need liquid tokens for ETF operations, making staked HYPE unsuitable.