The cryptocurrency market is associated with risks and high volatility, but sometimes it yields significant profits in a relatively short period. According to Lookonchain, an anonymous whale purchased 257,928 HYPE (Hyperliquid) tokens at the end of 2024 for about $3.50 per token, investing just over $900,000.
Last week, this market participant transferred 131,421 HYPE worth about $11.77 million to the Kraken exchange. Lookonchain did not specify whether the tokens were sold, but such a transfer is often seen as a step before selling. Later, he sent another 100,276 HYPE (about $8.17 million) to the same exchange. If these operations led to sales, the profit would exceed $19 million in less than two years. Meanwhile, the whale still holds 26,231 HYPE worth over $2.14 million.
At the time of writing, HYPE is trading around $81 according to CoinGecko. This is 2% higher than a month ago and 16% below the all-time high of nearly $100 reached earlier this year.
Analyst FOUR | Crypto Spaces notes that the asset has been in a downward channel for "quite a while" and suggests a short-term reversal to $100. Analyst Aman, on the other hand, points to the formation of a double top, which could lead to a decline to $75.
According to CoinGlass, HYPE outflows from exchanges have significantly exceeded inflows over the past few weeks. This may indicate a shift by investors to self-custody of tokens and a reduction in short-term selling pressure.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
Related articles
