Two large wallets holding Hyperliquid’s HYPE token became a talking point for investors today after selling about $108.81 million worth of the asset. Lookonchain, which tracks on-chain activity, said the addresses it followed moved the tokens in separate transactions. The sales came as HYPE traded near its all-time high, which makes the timing worth noting.
Wallet 0x2685 sells 912,383 HYPE
The first address, one starting with 0x2685, sold 912,383 HYPE for roughly $82.09 million. Lookonchain estimated that those tokens were bought about a month ago. Based on that cost basis, the sale generated a profit of more than $10 million. That is a quick gain for a one-month hold, though the estimate depends on the platform’s cost calculations.
Wallet 0x648F sells 296,705 HYPE
The second address, starting with 0x648F, sold 296,705 HYPE for about $26.72 million. Those tokens were reportedly purchased around 11 months ago. The profit on that batch was $16.5 million, according to Lookonchain. Put together, the two wallets booked more than $26.5 million in profit. The owners of the wallets were not named. The reasons for the sales were also not disclosed. That leaves room for interpretation. Maybe the holders were taking routine profits. Maybe they wanted to cut exposure after the recent run. There is no public confirmation either way.
HYPE rallies but misses all-time high
HYPE climbed from around $78 to over $97 this week. The move likely gave the whale wallets a chance to sell into strength. Even so, HYPE failed to break its all-time high of $97.98. The token got close, but the record stayed in place. For traders, the sales are a data point to watch. They do not prove that sentiment has turned. Large holders sell for many reasons, and two wallets are not the whole market. Still, a $108 million sale is hard to ignore, especially when it comes with a combined profit above $26.5 million. This is not investment advice.
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