HYPE Whales Unstake and Sell as Retail Absorbs Inflows
Hyperliquid’s HYPE is facing rising whale selling pressure as large holders unstake and move tokens to exchanges. Earlier reports flagged roughly $35M worth of HYPE unstaked and transferred toward venues such as Bybit and OKX.
In the latest update, a wallet labeled “Matrixport” sold 100,000 HYPE (about $4.21M) and previously sold another 100,000 HYPE, leaving holdings near 203,290 HYPE. Separately, HyperLab’s prior unstaking of about $17.34M worth of HYPE suggests additional supply could be aimed at spot selling.
Despite this, spot data points to demand absorption. Over the past three days, spot investors bought about $131.13M of HYPE versus $101.74M sold, for a net spot inflow of roughly $29M. In the last 24 hours, spot netflow remains slightly positive (around +$986K), helping limit downside.
Fundamentals also look firm: cumulative perpetual trading volume hit an all-time high of $4.42T, and Q1 profit was about $192.5M (below the prior quarter’s ~$255M). Q2 profit since early April is about $64.71M.
For HYPE traders, the setup is two-sided: whale-linked exchange inflows can raise near-term volatility and sell pressure, but continued spot inflows are the key factor that can stabilize price and support an upside continuation.
Neutral
Whale-linked unstaking and exchange transfers can increase near-term sell pressure and volatility for HYPE. The Matrixport-labeled sales and prior HyperLab unstaking point to additional supply that could be used for selling. However, spot flows are currently strong: net spot inflows over both the last three days and the last 24 hours suggest retail demand is absorbing the incoming liquidity. With demand offsetting sell pressure, the immediate price impact is less likely to become a sustained bearish trend. Meanwhile, strong perpetual trading activity and solid profitability provide supportive fundamentals, reducing the odds of a sharp long-term breakdown.