Whale wallets are taking profit on Hyperliquid's HYPE token. A wallet tagged 0xc745 deposited more than $16 million worth of HYPE into OKX and Bybit, while a wallet tied to Hypersphere Ventures sold 62,869 HYPE for roughly $5.78 million — a $2.13 million gain on tokens bought a month earlier.
The exits land while HYPE trades at about $90, down roughly 5% from the all-time high of almost $100 it set earlier this month. The token is still up more than 100% year-to-date.
Multicoin's slow bleed to Coinbase
The largest known seller isn't a one-off. Multicoin has sent 4.23 million HYPE — worth almost $300 million — to Coinbase since the end of July. That's a steady drip rather than a single dump, which matters for how the order book absorbs it.
Earlier this month, another whale moved close to $50 million in HYPE into Kraken. Three exchanges, three separate flows, same direction.
Netflows point the other way
Here's the wrinkle. Aggregate HYPE exchange netflow shows outflows outpacing inflows, meaning more tokens are moving off exchanges than onto them. On paper, that's the bullish read — holders taking self-custody instead of parking coins on a trading desk.
Both things can be true at once. Big holders are sending coins to venues to sell, while a broader base pulls theirs out. The net number tells you about the crowd, not the whales.
What the chart says now
HYPE's retreat from its early-September peak has been modest, not violent. A 5% pullback after a 100% run is routine, and there's no sign yet of the cascade selling that marks a real reversal. The distribution is concentrated in a handful of wallets, which cuts both ways — fewer sellers to exhaust, but each one matters more.
X user Sjuul of AltCryptoGems floated the idea of a further slide into the mid-70s. His read: that would be a buying opportunity rather than a reason to run. It's a view, not a forecast, and the wallet data doesn't settle it either way.
The level to watch
Mid-70s is the number now doing the rounds. If HYPE holds above it, the profit-taking looks like ordinary rotation from early buyers. If it breaks, the next question is whether Multicoin's Coinbase deposits accelerate — that's the flow with the most weight behind it, and the one worth tracking into October.
