A whale is suspected of unwinding over 665,000 HYPE tokens and then selling them for 14.14 million USDC. PANews reported on January 23 that, according to Lookonchain monitoring, the whale address 0xffe6 unstaking 665,035 HYPE tokens (worth $14.23 million) and deposited them into Bybit. He then withdrew the 665,035 HYPEs from Bybit to another wallet (0x471b) and sold them at an average price of $21.27, receiving 14.14 million USDC in return.
This marks a significant liquidity move tied to a single large-holder action in the HYPE market. The series of transfers underscores substantial on-chain activity and liquidity shifts around HYPE, with Bybit serving as the primary execution venue in this operation. These actions illustrate notable market dynamics driven by large holders, highlighting ongoing liquidity lifecycles within the HYPE token and broader crypto trading activity.
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