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HYPE Whales transferred US$32.9 million worth of HYPE tokens to HyperCore, and the token price fell 1.6%
According to blockchain data platform Whale Alert monitoring, a major transaction occurred in the past 24 hours involving 557,902 HYPE tokens worth US$32,898,942.
Link between whale activity and HyperCore
Whale Alert observed that the HYPE tokens were transferred from an unknown wallet to HyperCore, the core trading center of the Hyperliquid blockchain. HyperCore, as the basic financial and trading engine of the Hyperliquid Network, supports on-chain spot and perpetual contract trading through native order books.
On-chain analytics service provider Lookonchain reported the flow of relevant funds, pointing out that the whale received 557,902 HYPEs from FalconX and then deposited these tokens in Hyperliquid for pledge. This series of operations shows that the main purpose of this transfer is to pledge assets through Hyperliquid's infrastructure.
Small Dictionary: HyperCore
HyperCore is the core protocol on the Hyperliquid Layer 1 blockchain. It aims to execute spot and perpetual contract transactions entirely on the chain, using order books to match supply and demand without a centralized intermediary.
This latest action continues the trend of growth in pledge activity among large HYPE holders. Lookonchain recently tracked another whale that pledged 2.93 million HYPEs (worth $172 million) using 19 wallets that may be under unified control. These deposits and pledges were completed within 24 hours, further highlighting the whale's high interest in HYPE pledge opportunities.
Price Trend and Overall Market Sentiment
As of the latest data, HYPE was trading at $57.48, down 1.59% in the past 24 hours and 2.13% in the past week. Since July 21, the token has fallen for four consecutive days, frustrating its rebound from its early July highs and continuing to hit lower local highs.
HYPE's chart shows that prices have steadily declined since the correction in July, continuing their decline this week and failing to reverse the trend. HYPE's weak performance is consistent with the overall downturn in the cryptocurrency market. Many mainstream currencies have also fallen recently, and investor sentiment remains cautious.
Market Clearing and Investor Impact
CoinGlass's summary data shows an increase in clearing activity, reflecting volatility across the industry. In the past 24 hours, the total liquidation amount reached US$244 million, of which US$215 million was cleared for long positions and US$29 million was cleared for short positions. This distribution suggests that recent movements have caught bullish traders off guard, causing positions to be quickly liquidated.
Token price changes: HYPE changes in 24 hours-1.59%, changes in 7 days-2.13%, current price of US$57.48, 24-hour clearing data is not listed separately. The overall clearing volume of the cryptocurrency market was US$244 million. During this period, only a few tokens recorded gains, reflecting the overall weakness in the altcoin market. The overall trend remains cautious, with whale activity on HYPE particularly prominent against the backdrop of a general decline.
