The price of the Hyperliquid token (HYPE) decreased by 5%, reaching around $90, while at the beginning of the month it set a historical high of nearly $100. Recent activity from major investors, such as large deposits on exchanges, is believed to indicate a further correction. The analytics platform Lookonchain reported that one major investor, known as 0xc745, transferred over $16 million in HYPE to the OKX and Bybit exchanges. Although there is no certainty that this market participant sold their assets, such transfers are often seen as a precursor to potential sales. It was also revealed that a wallet associated with Hypersphere Ventures sold 62,869 HYPE for approximately $5.78 million, yielding a profit of $2.13 million. Another major player sent nearly $50 million in HYPE to the Kraken exchange. Separately, the BSCN account on X reported that Multicoin transferred 4.23 million HYPE worth nearly $300 million to Coinbase since the end of July. "These transfers are presumed to have been made with the intent to sell, although this is not confirmed," BSCN explained.
User X Sjuul also pointed out the possibility of further HYPE declines to the mid-70s, noting that such a scenario could be viewed as a potential entry point for long-term positions, as this asset remains one of the strongest in the segment.
Against the backdrop of negative whale activity, the recent influx of funds into the HYPE exchange indicates a potential new rise. In recent days, outflows have significantly exceeded inflows, suggesting that investors are leaving centralized platforms in favor of self-custody solutions. This, in turn, reduces selling pressure and may pave the way for future growth.
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