Blockchain data tracker Whale Alert recently reported the transfer of 557,902 HYPE tokens valued at $32,898,942 within the last 24 hours.
Whale Alert reported that 557,902 HYPE worth $32,898,942 was transferred from an unknown wallet to HyperCore, the core trading infrastructure of the Hyperliquid blockchain.
HyperCore is the native financial and trading execution engine for the Hyperliquid Layer 1 blockchain, running fully on-chain spot and perpetual order books.
While details about the intent of the transaction were scant per Whale Alerts reporting, on-chain analytics platform Lookonchain reported a similar move, which might provide further details.
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Lookonchain reported that a whale received 557,902 HYPE from FalconX and deposited it into Hyperliquid for staking. Going by this, the reason why the 557,902 HYPE might have been moved to the HyperCore platform was to stake it.
This follows an increase in staking activity by whales or large holders. On July 24, Lookonchain reported a whale who staked 2.93 million HYPE worth $172 million. Within 24 hours, 19 wallets (likely belonging to the same whale) deposited 2.93 million HYPE into Hyperliquid and staked it.
Hyperliquid price action
At the time of writing, HYPE was down 1.59% in the last 24 hours to $57.48, extending a drop since the weeks start. The token is likewise down 2.13% weekly.
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HYPEs price fell for four days straight, from July 21 to July 24, as its recovery lagged, forming a series of lower highs since its July pullback from record highs.
The broader market picture tells a cautious story, with several major cryptocurrencies down over the past day.
In the last 24 hours, $244 million has been liquidated in crypto positions, with longs accounting for a larger chunk at $215 million while shorts came in at $29 million, according to CoinGlass data.
The recent drop highlights a lingering weakness across a larger portion of the altcoin market, with a few tokens posting gains.