Hyperliquid’s native token HYPE could face serious selling pressure soon as a whale who quietly accumulated two million tokens nine months ago, now valued at $107 million, unstaked them a few hours ago. The move makes the tokens available for sale, prompting market watchers to monitor for a potential sell-off.
According to a report from Lookonchain, this investor first entered the market by depositing $17.4 million in USDC across three wallets, buying HYPE at an average price of $8.68.
These same holdings are now worth $107.2 million, leaving the whale sitting on nearly $90 million in unrealized profits. Blockchain data confirmed that the tokens were released after being split and staked across nine wallets.
Meanwhile, HYPE price is up by 1.8% today, but it has dropped from a weekly high of $58.85, and currently trades for $53.67. In addition, on-chain data shows that open interest has dipped from over $2 billion to $1.9 billion.
At the same time, another well-known whale is betting against HYPE. This trader, who previously pocketed $50 million from short positions, has opened a fresh $16 million short. The move immediately shifted to an unrealized loss of over $348,000, yet it highlights the renewed bearish mood in the market.Â
According to Hyperliquid data, shorting remains the less popular strategy with 42% of trades, but rising funding fees are adding pressure on both sides. Meanwhile, predictions about HYPE’s future price mover remain divided. Some traders see prices dropping below $50 and potentially as low as $18 in a deeper correction.Â
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