Gate News: Hyperliquid’s core token HYPE faces resistance near high levels, mainly due to a large whale, High Stakes Capital, gradually liquidating its holdings of 602,421 HYPE, cashing out approximately $22.9 million. On-chain data shows that this address completed the sale of the final 152,421 tokens within the past 24 hours, at an average price of about $38.08, causing HYPE to dip slightly near $38.86. The daily increase remains at 2.72%.
Previously, High Stakes Capital sold over 1 million HYPE in three tranches at an average price of $38.05–$38.17, totaling over $33.2 million in cashouts. Analysts note that this phased selling strategy helps reduce slippage risk but may limit further price gains during order liquidation. Another major whale also sold nearly 500,000 HYPE via TWAP orders, with a trading volume exceeding $20 million, expected to complete within 21 hours.
As the native token of Hyperliquid’s decentralized perpetual contracts and derivatives ecosystem, HYPE has consistently outperformed most cryptocurrencies in trading performance. Recently, 24-hour trading volume reached about $496 million, open contracts hit $10.1 billion, and total locked value surged from approximately $312 million to $1.462 billion within weeks, reflecting significant capital inflows into the derivatives-focused DeFi sector.
Analysts point out that profit-taking by whales in the $35–$40 range aligns with textbook strategies, indicating that, amid a structurally bullish outlook, the market still faces short-term profit-taking pressure. As large holders adjust their positions, short-term volatility in HYPE’s price may increase, but overall derivatives trading and capital inflows remain active.
Investors should monitor the pace of whale selling and market liquidity to assess whether HYPE can hold its high levels or face further price corrections.
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