Hyperliquid’s HYPE token has climbed roughly 51% over the past month, even after an 8% pullback in the last 24 hours. The token is up about 17% over the past seven days, driven by a surge in whale activity that has added fresh wallets and pushed tokens off exchanges. Meanwhile, Aerodrome and Jupiter both posted losses, highlighting a split in momentum across the altcoin market.
Whale inflows steer Hyperliquid higher
Data shows fresh wallets added $24.4 million worth of HYPE over the latest period — running 3.4 times the typical pace. Roughly $2.5 million in HYPE left exchanges, signaling accumulation rather than distribution. Some whales did trim positions: around $2.7 million in HYPE was sold, including a move by BitMEX co-founder Arthur Hayes. Analysts interpret the sell-off as profit-taking rather than a signal the token has topped.
Hyperliquid’s total value locked (TVL) also ticked up, rising from about $5.52 billion in late May to nearly $5.88 billion. The combination of rising TVL and net exchange outflows suggests holders are locking up tokens rather than preparing to sell.
Aerodrome’s incentive math sours
Aerodrome’s AERO token fell 6.85% on the day and is down about 22% over the past month. Whale flows show fresh wallets added roughly $17.3 million, but the pace was below normal. Top profit-takers trimmed about $222,000, and exchange deposits are stacking up — a sign of sell pressure building.
Compounding the price drop, Aerodrome’s TVL has drained from about $501 million in January to around $312 million. The protocol’s annualized incentives sit near $165 million, more than triple its revenue of about $52 million. That means the project is paying out more than it earns, a dynamic that could weigh on the token if revenue doesn’t catch up.
Jupiter governance token falls as JLP exits surge
Jupiter’s JUP governance token dropped roughly 15% in 24 hours. The drop comes as whales exited JLP — the liquidity pool token that powers Jupiter’s perpetuals exchange — at 14.7 times the normal rate, sending $24.9 million worth of JLP to exchanges. While JLP and JUP are separate tokens, they are linked: weaker JLP reduces the fees that flow to JUP holders.
Jupiter’s overall TVL actually rose from about $2.34 billion in April to $2.51 billion, and the protocol does not spend on incentives. But the JLP exodus suggests some large holders are betting on lower perps volume, which could cut into JUP revenue. The question now is whether the outflow will slow or accelerate as the token finds a new floor.
