Whale Deposits $32.9M HYPE to Hyperliquid as Token Slides 1.59%
In brief
- Whale Alert tracked $32.9 million HYPE transfer to HyperCore trading infrastructure
- Deposit follows July 24 whale staking event: 2.93 million HYPE worth $172 million
- HYPE declined 1.59% in 24 hours, 2.13% weekly amid $244 million liquidations
The Transfer
Whale Alert reported the transfer of 557,902 HYPE tokens valued at $32,898,942 within the last 24 hours. The tokens were sent 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. The infrastructure handles execution for all trading on the network.
Staking Surge Among Whales
The deposit aligns with a surge in whale staking behavior. Lookonchain reported that a whale received 557,902 HYPE from FalconX and deposited it into Hyperliquid for staking.
Earlier this month, activity escalated further. 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.
Price Movement
Despite the staking inflow, HYPE's price has weakened. At the time of writing, HYPE was down 1.59% in the last 24 hours to $57.48. The token's price fell for four days straight, from July 21 to July 24. The token is likewise down 2.13% weekly.
Broader market stress contributed to the decline. In the last 24 hours, $244 million has been liquidated in crypto positions, with longs accounting for $215 million while shorts came in at $29 million.
