Hyperliquid Whale Buying Continues as $60 Million in Exchange Withdrawals Emerges
Summary
- On-chain data showed that whale investors made large HYPE withdrawals from Kraken and Coinbase through newly created wallets and then staked the tokens.
- Wallet address "0x6436" was also seen withdrawing additional HYPE worth about $55.4 million from exchanges over the past three days.
- Hyperliquid has continued to gain on rising institutional investor interest and a growing derivatives market share, with its token price at times moving above Solana (SOL).
Forecast Trend Report by Period
Whale accumulation of Hyperliquid's HYPE token is continuing.
Lookonchain data on June 3 showed that three newly created wallets withdrew a combined 557,406 HYPE from Kraken about eight hours earlier and staked the tokens. The holdings were worth about $40.2 million at current prices.
Another newly created wallet withdrew 180,000 HYPE from Coinbase about six hours earlier. The tokens were valued at about $13.3 million.
Separately, wallet address "0x6436" withdrew a total of 761,357 HYPE from exchanges over the past three days. The stash is worth about $55.4 million at current prices.
Hyperliquid has continued to gain amid growing interest from institutional investors and a rising share of the derivatives market. Last month, its share of the global perpetual futures market reached a record 6.63%, and the token has recently traded above Solana (SOL).
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
