Hyperliquid Price Drops 3% Amid Whale Activity and Technical Correction

Hyperliquid (HYPE) has dropped by around 3% over the last day due to whale activity and technical correction. A major whale unstaked 1.02 million HYPE tokens, which they had bought at an average of $18 each about 17 months earlier, and sent them to institutional venues FalconX and Coinbase Prime, likely to sell. This single wallet represents tens of millions of dollars in potential supply.

Additionally, a prominent trader 'Loracle' has dumped over $10 million of HYPE and is still selling, with approximately 698,000 HYPE tokens left unlocked and another ~700,000 HYPE tokens staked. He also has a sizeable short position. Another large account 'YGNH94' redeemed 100,275 HYPE from staking and moved the entire amount to OKX.

The current decline is not random noise but rather a continuation of a larger correction that began over a month ago. The token has fallen by about 25% in this time frame and has now slipped below its 50-day and 100-day moving averages near $57.20 and $60.30, respectively.