The HYPE cryptocurrency has lost more than 16% over the past month amid a mass exodus of large holders

A major holder of HYPE tokens withdrew 1.02 million coins worth approximately $ 57 million from staking and immediately transferred them to the FalconX and Coinbase Prime platforms. The tokens were purchased 17 months ago at an average price of $ 18, so if sold, the investor’s profit could exceed $ 39 million. The analytics service Lookonchain interpreted this move as preparation for a sale.

On the same day, another whale from a different wallet withdrew an additional 1.89 million HYPE tokens worth $ 105.9 million from staking. Analysts note that such actions do not necessarily imply a sale of assets—it could simply be a planned portfolio restructuring.

However, the scale of the phenomenon indicates a significant shift in sentiment among major players. A week ago, 4.09 million HYPE worth $ 241 million were awaiting withdrawal from staking; since then, this figure has more than doubled—to 9.1 million coins worth $ 496.6 million.

The total number of staked HYPE coins over the past month has decreased from 438.7 million to 435.9 million. The combination of these two trends—an increase in withdrawals and a decrease in staking—may indicate that some long-term holders are shifting to a «bearish» stance and gradually reducing their positions.

The technical picture also does not favor buyers. After rebounding from the $ 72 level three weeks ago, Hyperliquid has been trading in a downtrend. Over the past month, HYPE has fallen 16.15% to $ 54.4, and the coin’s market capitalization stands at $ 13.7 billion. Daily trading volume has declined by 8.6% to $ 350.9 million.

BitMEX co-founder Arthur Hayes has joined the ranks of major sellers; in June, he completely sold off his 247,334 HYPE tokens for a total of $ 18.02 million. It is noteworthy that he had previously made public optimistic predictions about this asset.