- Whale Alert detected a 557,902 HYPE transfer worth $32.9 million, while Lookonchain linked the movement to whale staking activity on Hyperliquid.
- Lookonchain identified another whale staking 2.93 million HYPE through 19 wallets, highlighting sustained participation from major token holders.
- HYPE declined alongside the broader crypto market as liquidations reached $244 million, with long positions accounting for most leveraged losses.
Hyperliquid recorded another major whale transaction after nearly $33 million worth of HYPE tokens moved into its ecosystem, even as the token traded lower during a broader cryptocurrency market pullback.
Blockchain tracking platform Whale Alert reported that 557,902 HYPE tokens, valued at $32,898,942, moved from an unknown wallet to HyperCore. HyperCore serves as Hyperliquid’s core trading infrastructure and powers the network’s fully on-chain spot and perpetual order books.
Although Whale Alert did not identify the purpose of the transfer, on-chain analytics platform Lookonchain provided additional context. According to Lookonchain, a whale received the same 557,902 HYPE tokens from FalconX before depositing them into Hyperliquid for staking.
That transaction suggests the transfer was linked to staking rather than an exchange deposit for selling. Consequently, the movement points to continued participation by large holders despite weaker short-term market conditions.
Large staking transactions have become more common across the Hyperliquid ecosystem in recent days. Moreover, the latest transfer follows another significant whale activity reported earlier this week.
Also Read: How Stablecoin Pegs Work: The Mechanisms Behind Price Stability
Whale staking activity builds across Hyperliquid
According to Lookonchain, another large holder transferred 2.93 million HYPE tokens worth approximately $172 million into Hyperliquid for staking on July 24. The analytics platform reported that 19 separate wallets completed those deposits within 24 hours. Furthermore, it indicated that the wallets likely belonged to the same whale.
That sequence of transactions highlighted sustained interest in staking among major HYPE holders. Instead of moving assets to exchanges, those wallets directed tokens toward staking infrastructure.
Such transfers often attract market attention because staking temporarily removes tokens from active circulation. However, neither Whale Alert nor Lookonchain indicated whether the latest deposits would affect immediate market supply.
Meanwhile, HyperCore remains central to the Hyperliquid network. It processes spot and perpetual trading through an entirely on-chain execution model, making it a key destination for staking-related activity. Despite the increased staking activity, HYPE failed to avoid broader market weakness.
At the time of reporting, HYPE traded at $57.48 after falling 1.59% over the previous 24 hours. Additionally, the token posted a weekly decline of 2.13%. Price action showed HYPE recording four consecutive daily declines between July 21 and July 24. During that period, the token also formed a pattern of lower highs following its retreat from recent record levels.
Broader cryptocurrency markets also remained under pressure during the same period. CoinGlass data showed approximately $244 million in liquidations across digital asset derivatives within 24 hours.
Long positions accounted for roughly $215 million of those liquidations, while short positions represented about $29 million. Consequently, selling pressure affected many altcoins, with only a limited number posting gains.
Conclusion
Large HYPE holders have continued directing substantial token balances into Hyperliquid staking despite recent price weakness. While the token has declined alongside the broader market, on-chain data from Whale Alert and, according to Lookonchain, suggests whales remain actively committing capital to the network rather than moving assets toward exchange selling.
Also Read: Thailand SEC Files Criminal Complaint Against Bitkub Over Alleged False Asset Reports
