Hyperliquid Whales Net $5M as HYPE Falls Over 12%

Four large Hyperliquid wallets took roughly $5 million in profit by selling HYPE while the token rallied to $94-$95 in late October, according to blockchain analytics firm Santiment, as Blockonomi reported. One of the addresses, 0xa2ce…3126, finished with a completely empty wallet and $2,395,168 in gains.

The sales have turned into a sell-the-news episode for HYPE. U.Today reported that the buyers who piled in after billionaire investor Stanley Druckenmiller endorsed the platform handed larger holders what Santiment described as a liquidity window, while the token has since given back more than 12% of its rally peak.

Key facts

• Santiment tracked four whale wallets taking about $5 million in combined profit during the October rally.
• Address 0xa2ce…3126 sold roughly $225,000 worth of HYPE every five minutes before closing its position, tallying $2,395,168 in profit.
• Druckenmiller said on X on October 29 that he had invested in Trade[XYZ], the company building markets on Hyperliquid, though his statement concerned the firm and not a direct HYPE purchase.
• Intercontinental Exchange, owner of the New York Stock Exchange, also announced an investment in Trade[XYZ]; the two firms plan round-the-clock U.S. futures trading in stocks, commodities, currencies and crypto, with regulatory clearance still outstanding and no launch date disclosed.
• HYPE traded between $81.79 and $85 as of November 5, after breaking below $84.15, according to Blockonomi.

How the exit was executed

Santiment’s on-chain tracking shows a pattern rather than a single block sale. The 0xa2ce…3126 address had been accumulating HYPE since late May, then began unwinding as the price approached $94 to $95, releasing about $225,000 of tokens every five minutes. Public blockchain records show the trades but cannot establish why the holder placed them.

The timing is what makes the case notable. Druckenmiller’s October 29 post introduced Trade[XYZ] and a plan for regulated U.S. trading on Hyperliquid, and HYPE jumped on the news. The selling came alongside that move higher. U.Today also noted that four other major traders opened short positions at the same time and were in profit at the time of Santiment’s assessment, while one large buyer who held through the decline was nursing losses above 11%. Short positions gain value when the underlying asset falls.

The reports part company on one detail: U.Today describes retail investors giving in to FOMO on October 30 as the counterweight to the whale sales, and ties the pump to Druckenmiller’s post dated October 30, one day later than the October 29 announcement date given by Blockonomi. Blockonomi frames the rally more generally as renewed interest following the ICE announcement. Both attribute the profit figures to Santiment. The totals cover tracked Hyperliquid whales only and do not represent the results of all platform users.

Why it matters

The episode shows how quickly a high-profile endorsement can become exit liquidity for large holders. Retail buyers who treated the announcement as a cue to enter absorbed the supply the whales were distributing, and the price has since slid below the levels where much of that buying occurred. It is also a reminder that the business outlook for Hyperliquid and the market price of its HYPE token can move apart — the technology and the trading venue plans did not, in this case, hold the token up.

What to watch

The most concrete pending item is regulatory approval for the Trade[XYZ] and Intercontinental Exchange U.S. trading venue; the partners have not said when it could open. On the chart, Blockonomi’s November 3 assessment flagged the $76 to $78 area as the next level to watch, with lower targets only if that support gives way.

Nothing here is financial advice, and crypto markets are volatile and hard to predict.

Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.

Sources: Blockonomi, U.Today