Hyperliquid Whale Transfers $10.7 Million in HYPE Tokens to Kraken

A major Hyperliquid (HYPE) investor moved approximately $10.7 million worth of HYPE tokens to crypto exchange Kraken over two days. The wallet unstaked 100,276 HYPE worth $8.17 million six hours ago, following a prior deposit of 30,228 HYPE worth $2.55 million a day earlier. The investor initially bought 257,928 HYPE at $3.50 per token for around $903,000, achieving a gain of roughly 2,200% with HYPE trading near $82.

Large exchange deposits often point toward potential selling, making such movements closely watched by traders. Despite these multi-million dollar transfers, low overall volume suggests market participants are not panicking, and the token has absorbed the sales without crashing. HYPE trades around $81.59, remaining about 16% below its recent peak near $98, while the wallet retains roughly 127,000 tokens valued at $10.4 million.

In the near term, HYPE shows technical weakness after falling below its 20-day moving average near $86 and 50-day average near $83.70, while its relative strength index sits in the low 40s. Primary support levels are located near $79 and the 100-day average near $76.50. Traders will watch if further Kraken deposits trigger additional pressure or if the price can break above resistance levels at $84 and $87.50.