Hyperliquid Whales Make Massive On-Chain Moves, $400M Set to Leave Staking

Huge on-chain activity is unfolding in Hyperliquid (HYPE), with whales staking and unstaking massive amounts of tokens. According to Lookonchain, a whale staked 2.93 million HYPE worth around $172 million yesterday, which the entity accumulated nine months ago at an average price of $44 per token. This position now sits on an unrealized profit of approximately $44.5 million.

The same tracker also flagged another major transaction where a separate whale received 557,902 HYPE valued at about $32.87 million from institutional trading firm FalconX and then deposited the tokens into Hyperliquid for staking.

OnChain Lens reported that a single entity unstaked 2.92 million HYPE worth approximately $170.1 million from two wallets, which held the tokens for roughly eight months. The tracker later identified another large staking transaction involving 1.49 million HYPE worth about $88.2 million.

Some speculate that major holders are preparing to sell, but community member Grenderen.hl suggested a different explanation: ETF seeding rather than liquidation. He pointed out that custodians need liquid tokens for ETF operations, making staked HYPE unsuitable.

Crypto commentator Jussy estimated that about $400 million worth of HYPE is scheduled to leave staking over the next seven days. The analyst noted that this could lead to selling pressure and potentially a 15% fall in price, as seen previously when unstaking announcements triggered market panic.