A major Hyperliquid investor has unstaked 1.02 million HYPE tokens worth $57.6 million, transferring them to FalconX and Coinbase Prime, according to analysts at blockchain tracker Lookonchain.
The holder, known in crypto markets as a whale, acquired the tokens 17 months ago at an average price of $18. If sold at current prices, the position would yield a profit of more than $39 million.
A second wallet belonging to a separate whale also unstaked 1.89 million HYPE valued at $105.9 million. Analysts said the moves could reflect either skepticism about HYPE’s prospects or a planned portfolio restructuring, but cautioned that unstaking alone does not signal an intention to sell.
The volume of HYPE pending withdrawal has more than doubled in a week, rising from 4.09 million tokens worth $241 million to 9.1 million tokens worth $496.6 million. Total staked HYPE fell from 438.7 million to 435.9 million over the past month.
HYPE has been trading in a downtrend since bouncing from $72 three weeks ago. The token has dropped 16.15% over the past month to $54.4, giving it a market capitalisation of $13.7 billion. Daily trading volume fell 8.6% to $350.9 million.
In June, BitMEX co-founder Arthur Hayes sold all 247,334 of his HYPE tokens for $18.02 million, despite having previously offered optimistic forecasts for the cryptocurrency.
