Hyperliquid Whale Unstake Spooks Markets with $57M Token Dump

A major Hyperliquid (HYPE) whale has moved $57 million worth of tokens to exchanges, sparking fears among smaller traders that prices could drop further.

The whale unstaked 1.02 million HYPE from a wallet, which was then deposited into FalconX and Coinbase Prime, while another tranche of 1.89 million HYPE remains unstaked but not yet deposited.

This move is significant because the whale had purchased these tokens 17 months ago at an average price of $18, meaning it carried over $39 million in unrealized profit before any confirmed sale.

The whale's actions are not isolated, as a report from Hyperscreener shows that 9.1 million HYPE, worth $496.6 million, is now pending unstaking, up from 4.09 million just a week ago.