Hyperliquid Whale Sells $57M, Raising Fears of Further Price Drop

Hyperliquid's price has been trading within a descending channel since it was rejected at $72 three weeks ago. The altcoin has continued to decline, largely driven by rising sell pressure from major investors. One whale recently unstaked its HYPE holdings, worth $57.6 million, and deposited them into FalconX and Coinbase Prime.

The same whale also unstaked another $105.9 million in HYPE, although those tokens had not reached exchanges at the time of writing. The investor purchased these tokens 17 months ago at an average price of $18, carrying more than $39 million in unrealized profit before any confirmed sale.

Unstaking has become increasingly common among individual and institutional investors, with 9.1 million HYPE, worth $496.6 million, pending unstaking. Total Staked HYPE dropped from 438.7 million to 435.9 million, suggesting that some long-term holders were reducing their exposure.