Large cryptocurrency investors, known as whales, are cashing out Hyperliquid's native token as market concerns grow over the upcoming unlocking plan, which could release a token supply worth approximately $11 billion.
The whale wallet "0x316f" withdrew $122 million worth of HYPE on Monday, with these tokens initially purchased at around $12 each.
Blockchain data platform Lookonchain noted that this whale is sitting on approximately $90 million in unrealized profits nine months after purchasing the tokens, likely "taking profits."
This sell-off comes at a time when the HYPE token recently hit a new all-time high of $59.29 on Thursday, but the token is about to face its first major test when the team tokens begin to unlock in November.
The Hyper Foundation revealed that 23.8% of the total supply allocated to core contributors will start unlocking on November 29 (one year after the project's founding event).
According to the unlocking plan, the team will distribute approximately $11.9 billion worth of HYPE tokens over 24 months. Arthur Hayes, co-founder of BitMEX, stated through his family office fund Maelstrom on Monday that this could be the "first real test" of the token's resilience.
Maelstrom researcher Lukas Ruppert referred to this as a "Sword of Damocles" moment, with approximately $500 million worth of tokens unlocking each month, of which only about 17% will be absorbed through buybacks, leaving around $410 million in potential oversupply.
Nicolai Sondergaard, a research analyst at crypto intelligence platform Nansen, stated, "Token unlocks typically create some selling pressure," which is not necessarily related to the token's "fundamentals."
Sondergaard pointed out that not all recipients will sell; some will hold their tokens to show confidence in the project.
According to Cointelegraph's earlier report on Monday, shortly after the release of Maelstrom's research report, Hayes sold all of his HYPE tokens, which were apparently used to pay a deposit for a new Ferrari.
Hayes stated on Sunday, "I need to pay the deposit for the Ferrari 849 Testarossa."
Other cryptocurrency whales seem to be turning to Hyperliquid's emerging competitor Aster, a decentralized perpetual contract exchange associated with Binance co-founder Changpeng Zhao (CZ).
Lookonchain noted in a post on the X platform on Monday that whale address "0x220" purchased $10.5 million worth of Aster tokens through two wallets on Monday, currently holding over $6 million in unrealized gains.
In the past week, the price of Aster tokens has surged over 1,700%, making it the fourth-largest DEX token in the industry with a market cap of $2.5 billion.
According to CoinMarketCap data, during the same period, HYPE tokens fell by 7.9%, trading at $49.34 at the time of writing.
Related: After predicting HYPE would soar 126 times just a month ago, Arthur Hayes cashes out all holdings to pay a deposit for a new sports car.
Original article: “Whale withdraws $122M HYPE token after Arthur Hayes exits”
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