Hyperliquid (HYPE) is facing supply pressure of approximately $27.78 million as a result of large transfers from Galaxy Digital. The company transferred around 95,270 HYPE, valued at nearly $8.11 million, to the Bybit and OKX exchanges within four hours. Specifically, 36,420 HYPE worth $3.10 million was deposited to Bybit, and another 58,850 HYPE valued at approximately $5.01 million was sent to OKX. In addition, one major holder continued to take profits through a series of repeated deposits to exchanges, transferring 232,610 HYPE — equivalent to approximately $19.67 million — to Bybit and Gate over two weeks.
Despite these inflows, Hyperliquid recorded a negative net flow of around $3 million at the time of publication, indicating that withdrawal volumes exceeded inflows and that withdrawals partially offset the supply pressure from large holders. As such, continued negative net flows could reduce available supply on exchanges if demand remains stable, reinforcing the accumulation narrative around HYPE. However, sustained selling by major holders could create challenges for buyers, particularly if these deposits lead to large-scale market sell-offs.
Derivatives positioning, by contrast, added another layer of support. Following a brief bearish shift, market participants rebuilt their bullish positions, as reflected in the recovery of HYPE's weighted funding rate, which returned to positive territory, reaching approximately 0.006% on September 9. A positive funding rate implies that long position holders are paying shorts, indicating renewed bullish positioning in derivatives. Nevertheless, a persistent bearish RSI divergence points to weakening buying power, which could trigger a breakdown of the ascending channel structure.