HYPE whale sells $1.8M, cashes out near $39 as $40 support wobbles

A Hyperliquid (HYPE) whale cashed out again, selling 45,786 HYPE for about $1.8M USDC at an average $39.39 and depositing the funds into Coinbase. The sale came as volatility rose and price weakened, a flow that often reflects risk-off sentiment and can intensify downside pressure. Earlier, another cited whale exit involved 199,999 HYPE sold near $40.77 after HYPE slid from the mid-$40s toward ~$40. Together, the reports point to whale-driven selling across the same critical zone. Price action: HYPE briefly defended ~$40, but the pullback remains bearish. Momentum indicators cited in the article stay negative, with the Aroon setup showing lows forming more frequently than highs and the Stochastic Momentum Index confirming sell-side strength. HYPE needs a daily close above $40 to open the door toward ~$42; otherwise, the support test can fail again. Derivatives context: perpetual activity cooled (Perpetual Volume down from ~$7.6B to ~$6.3B), while Hyperliquid Futures netflow deteriorated to about -$11M. That combination typically reduces speculative bids and leaves HYPE more vulnerable when whales sell. For traders, the key focus is whether HYPE can hold the $40 area on a close—or whether whale cash-outs plus negative momentum pull price back toward the next support levels.