Hyperliquid Transfers $90.18M in HYPE Tokens Amid Market Volatility
Market Overview
Hyperliquid's [HYPE] recent performance shows signs of recovery, maintaining a support level at $30. Currently, HYPE trades at $35.47, having experienced a minor 0.8% dip, but with a weekly gain of 7.03%.
Significant Token Movement
In a noteworthy move, the Hyperliquid team transferred 2.6 million HYPE tokens, valued at $90.18 million, from staking to the spot market, according to HypurrScan. Although not necessarily indicating a sale, such transfers often suggest an intent to sell, raising concerns about potential market pressure.
Despite this, the team retains 240 million staked HYPE worth $8.36 billion. Additionally, Hyperliquid's Cliff unlock released $344 million in HYPE, representing 2.66% of the total circulating supply.
Market Sentiment
These movements have stirred market apprehension about potential bearish trends. If realized, they could amplify downward price pressures.
Whale Activity
Whale demand remains robust, with large-scale orders for HYPE observed over the past week, as per CryptoQuant data. Spot Netflow metrics indicate a negative trend, suggesting increased exchange outflows and active buyer engagement, which may mitigate selling pressure.
Future Outlook for HYPE
According to AMBCrypto, consistent demand from whales underpins HYPE's resilience. The altcoin's Sequential Pattern Strength has improved, and MACD indicators signal potential upward momentum. If whale demand persists, HYPE could reclaim the $40 mark and target $43. Conversely, if selling pressure intensifies due to recent token movements, HYPE might decline to $32.
Final Thoughts
- Hyperliquid transferred 2.6 million HYPE worth $90.18 million to the spot market.
- Steady whale demand could stabilize prices, aiming for a $40 target.