Whales Unstake $40M in HYPE Ahead of Kinetiq Yield Upgrade

Hyperliquid’s native HYPE token surged 204% in Q2 to an all-time high of $45.83, generating $200 billion in 30-day trading volume and $1.98 billion in open interest. Leading up to the July 15 Kinetiq liquid staking upgrade, four whale wallets deposited $6.14 million USDC on Hyperliquid, buying at around $39.20, and a new address purchased 25,500 HYPE with $1 million USDC. In anticipation of converting HYPE into yield-bearing kHYPE—with validator scoring and institutional iHYPE access—whales have unstaked nearly 1 million HYPE ($40 million). Meanwhile, Phantom wallet now supports Hyperliquid perpetual trading with up to 40× leverage via a non-custodial API. Coinglass data reveals a cluster of short positions near $42, pointing to a potential short squeeze that could liquidate over $6 million if HYPE breaks through. As $40 million of unstaked tokens re-enter circulation, traders face heightened volatility. Sustained demand could launch a fresh Q3 rally; failure to absorb the inflow may trigger sharper corrections given HYPE’s high-beta response to Bitcoin moves.