HYPE has been declining since reaching a high of $76.8 in June, and market sentiment has weakened further recently. On-chain monitoring shows that a wallet associated with Selini Capital transferred 495,500 HYPE to OKX within one hour, equivalent to approximately $26.8 million at the time. Such large inflows into exchanges are typically interpreted by the market as a signal of potential selling pressure.
Whale transfers to OKX
Lookonchain disclosed that the large transfers completed by the aforementioned addresses within a short period have heightened concerns about institutional holders reducing their positions. HYPE had already been declining from its highs, and this transfer further reinforced expectations of short-term downward pressure.
The market is currently focused on a level at $54.37. If this support level is breached, the price could continue to decline towards the 200-day exponential moving average, around $50.23.
- Quantity transferred in: 495,500 HYPE tokens
- Transferred to: OKX
- Amount transferred in: Approximately US$26.8 million
Grayscale still focuses on valuation
Despite its short-term weakness, Grayscale is not pessimistic about Hyperliquid's long-term pricing. Grayscale believes that HYPE's expected valuation multiple is roughly between 15x and 18x, and since Hyperliquid has real cash flow, it can be measured in "earnings per token" rather than the traditional "earnings per share".
Based on this perspective, Grayscale believes Hyperliquid's valuation is still not high compared to fintech companies like Coinbase, Robinhood, and Circle. This implies that a weakening market price and fundamental pricing may not change in tandem.
The $54 level is attracting attention.
Based on the current trend, the market should first observe whether buying pressure can provide support in the $54.37 to $50.23 range. If this area holds, the pullback in June and July may still be considered a period of adjustment.
If prices stabilize and rebound, market attention may return to the previous high around $76.8. However, before that, HYPE needs to digest concerns about selling pressure from large inflows into exchanges, and short-term sentiment remains cautious.
