On-chain monitoring revealed a large HYPE transfer within the Hyperliquid ecosystem. Whale Alert disclosed that in the past 24 hours, 557,902 HYPE tokens were transferred from an unknown wallet to HyperCore, worth approximately $32.899 million at the time. At the time of the news, the price of HYPE was still weakening.
The redirect address points to HyperCore
Whale Alert marks the recipient as HyperCore. This system is the core transaction infrastructure of Hyperliquid Layer 1, responsible for on-chain spot and perpetual contract order book execution.
Based solely on the transaction records, the purpose of these funds is unclear. However, on-chain analytics platform Lookonchain subsequently provided a more detailed explanation of the fund's flow.
Lookonchain claims it may be used for staking.
Lookonchain reports that a whale first received the 557,902 HYPE tokens from FalconX and then deposited them into Hyperliquid for staking. If this is true, this large inflow is more likely related to staking rather than a direct sale.
This aligns with the recent surge in HYPE staking by large holders. On July 24, Lookonchain also disclosed that 19 wallets deposited and staked 2.93 million HYPE tokens into Hyperliquid within 24 hours, worth approximately $172 million at the time. These addresses are believed to likely belong to the same whale.
- The total amount transferred this time was 557,902 HYPE tokens.
- Based on the price at the time of disclosure: approximately US$32.899 million
- A previous large-scale pledge: 2.93 million HYPE tokens
HYPE continued its decline this week
As of press time, HYPE has fallen 1.59% in the past 24 hours to $57.48, and its decline over the past 7 days is 2.13%. The token has fallen for four consecutive days, and its rebound since July 21 has been weak, with its price action showing a continuous series of lower highs.
The broader market is also cautious. CoinGlass data shows that $244 million in crypto positions were liquidated in the past 24 hours, including approximately $215 million in long positions and approximately $29 million in short positions.
Overall, this large transfer did not directly change HYPE's short-term weakness, but the continued flow of on-chain funds to staking indicates that some large holders are still increasing their participation in the Hyperliquid ecosystem.
