HYPE held above $60 this week as major wallets withdrew over $55 million in tokens from exchanges during a broader crypto market selloff. The token corrected 13% from its all-time high near $75 but remains firmly above all key moving averages.
Staked $40.2 Million Withdrawn from Kraken
Three new wallets removed 557,406 HYPE tokens worth $40.2 million from Kraken within days. They immediately staked every token they withdrew. This isn’t panic selling. It shows a commitment to network validation. The move happened while most crypto assets bled value.
Coinbase Withdrawal Spree in Eight Hours
A single new wallet pulled 180,000 HYPE tokens worth $13.3 million from Coinbase during a volatile eight-hour window. The withdrawal occurred while the broader market tumbled. This added pressure to the token’s temporary dip.
0x6436’s Three-Day Buying Spree
Wallet 0x6436 quietly built a $55.4 million position by accumulating 761,357 HYPE tokens from multiple exchanges. The accumulation unfolded steadily over three consecutive days. It’s the clearest sign of sustained institutional interest we’ve seen this month. The timing looks deliberate.
Where the Price Holds Now
HYPE dropped from $75 to about $65 after its parabolic May rally started from $40. That’s a 13% correction. Yet the token still trades above the 50-day moving average at $49. This level now acts as immediate support. The 100-day and 200-day lines remain comfortably below current prices. It’s not fighting for survival right now.
