Selini Capital-Linked Wallet Deposits $26.8 Million of HYPE to OKX in Possible Institutional Selling Move
Suehyeon Lee
Summary
- A wallet believed to be linked to Selini Capital deposited about $26.8 million worth of Hyperliquid (HYPE) into OKX.
- On-chain analytics platform Lookonchain said 495,473 HYPE was deposited into OKX over the past hour.
- Lookonchain said the move could be interpreted as institutional selling of HYPE and potential sell pressure.
Forecast Trend Report by Period
A wallet believed to be linked to Selini Capital deposited about $26.8 million worth of Hyperliquid's HYPE token into crypto exchange OKX.
On-chain analytics platform Lookonchain said on July 29 that the wallet transferred 495,473 HYPE to OKX over the past hour. The tokens were worth about $26.8 million at the time.
Lookonchain said the move suggests institutional investors may be selling HYPE.
Crypto moved from external wallets to exchanges is typically seen as a possible precursor to selling and may signal potential sell pressure. A deposit into an exchange alone, however, does not confirm that a sale has taken place.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.