Hyperliquid's HYPE token is caught between more than $100 million in potential whale selling and fresh institutional buying. Fee-funded burns keep trimming supply, and larger wallets keep growing their share, but the next move for HYPE depends on which side of the tug-of-war wins out.
Five whales have unstaked approximately $90.4 million in HYPE. Multicoin also transferred $12.15 million from Coinbase Prime to Coinbase Prime, together placing more than $100 million of potential selling against the market. Hyperliquid Strategies, however, acquired 494K HYPE worth approximately $45.8 million, extending its accumulation trend and lifting its total holdings to 35 million HYPE. If that accumulation continues, it could support prices.
HYPE ownership shifts toward whales
Wallets holding 10,000 or more HYPE have increased by 24.6%, now totaling 2,006, after an acceleration that began in May and pushed the cohort higher through June and September. In contrast, wallets owning 10 or more HYPE have decreased by 6.3% to 49,026, so larger wallets are capturing additional market cap rather than capital spreading across all holders.
Even so, total holders kept rising: the token added 5,600 new holders over the last 30 days for a total of 281,820. With 48,330 wallets staking HYPE, more supply may remain locked, and as long as larger wallets keep growing alongside continued burns, it will likely lead to reduced liquidation options.
Fee-funded burns chip away at supply
Hyperliquid has purchased and burned approximately 10.4k HYPE tokens over the last 24 hours at an approximate cost of $956.8k, tied to fees the protocol generated. The effect compounds as volume grows: Hyperliquid has earned $58.27 million in revenue during the last 30 days, creating daily buybacks averaging approximately $1.16 million.
Total cumulative burn now stands at 48.96 million HYPE, approximately 4.9% of the one billion maximum supply, though the current burn pace remains modest relative to total supply. Therefore, the long-term effect will depend on whether trading volume and fee generation keep growing fast enough to accelerate the burn rate.
Whether HYPE holds steady now hinges on whether Hyperliquid Strategies' treasury buying keeps pace with the whales still unwinding their positions.
Source: AMBCrypto
Trading involves risk.
Risk Disclaimer
