According to several Chinese media outlets citing Onchain Lens data, around May 8, 2026, a wallet address marked as associated with BIT or Matrixport deposited 403,290 HYPE (approximately 17.3 million USD) into HyperLiquid. Subsequently, the wallet sold a total of 200,000 HYPE on the platform in two batches, exchanging for about 8.447 million USD USDC, with an average transaction price of approximately 42.24 USD; after the reduction, the address still holds 203,290 HYPE, valued at about 8.65 million USD at the time of reporting. At the same time, Hyperliquid Strategies (PURR), a Nasdaq-listed company and core reserve party for HYPE, disclosed its financial report as of March 31, 2026, showing a net loss of about 165.4 million USD over the past nine months, which includes approximately 64 million USD in unrealized net losses on HYPE. Despite facing substantial accounting pressure, Hyperliquid Strategies has cumulatively invested about 216 million USD in acquiring HYPE since its establishment in December 2025, with a total holding of about 20 million HYPE. This "core treasury continuously increasing its holdings" juxtaposed with "external associated institutions periodically reducing holdings" is subjecting HYPE and its ecosystem to a market pressure test from the first large-scale institutional behavior.

Sold 200,000 HYPE in two batches: Who is selling?

According to on-chain monitoring data from Onchain Lens reported by several media outlets, on May 8, 2026, a wallet address that has a deep association with a well-known institution executed a series of high-frequency operations on the HyperLiquid platform. This address first deposited 403,290 HYPE into HyperLiquid, which was valued at about 17.3 million USD based on the deposit price. Subsequently, the wallet did not take an aggressive one-time sell-off approach, but instead sold a total of 200,000 HYPE in two batches, returning about 8.447 million USD USDC, with an average transaction price of approximately 42.24 USD. After this reduction, the wallet still retains 203,290 HYPE, valued at about 8.65 million USD at the time of reporting. This "partial liquidation" funding path clearly indicates that this large holder is executing a rhythmic profit lock-in, rather than a complete bearish sell-off.

It is worth noting that there is still some discrepancy in the market regarding the specific identity of the selling entity. Odaily defined it as a "BIT related wallet" in its report, whereas media such as Jinse Finance and PANews described it as a "Matrixport related wallet." Although there is no final conclusion on the label attribution, the address has been widely viewed by on-chain observers as "smart money" representing institutional will. Against the backdrop of Hyperliquid Strategies continuing to increase its investment in the secondary market as an official treasury, the decision of this institutionally associated wallet to cash out at prices above 42 USD reflects the cognitive divergence of different funds concerning HYPE's value anchor. Currently, the movement of the remaining over 200,000 HYPE in this wallet has become a key observation indicator for the market to assess whether bullish signals still hold.

Institutions cashing out while retaining positions: HYPE signals are not singular

From the trading rhythm perspective, the operations of this associated wallet exhibit strong intent and phase characteristics. According to several media sources citing Onchain Lens data, after depositing 403,290 HYPE into HyperLiquid, this address did not take an aggressive one-time liquidation approach but sold 200,000 of them in two transactions, exchanging for about 8.447 million USD USDC, with an average transaction price of approximately 42.24 USD. This behavior of first concentrating deposits and then cashing out in batches aligns more with the "lock in profits" logic of institutions after achieving expected income targets, rather than a complete bearish outlook on the asset. Currently, the wallet still holds about 203,290 HYPE, with the remaining position roughly equal to the portion that has been cashed out, indicating that the institution maintains an open value exposure of approximately 8.65 million USD while locking in some profits to capture potential future volatility earnings.

It should be pointed out that the current market does not show an overarching on-chain consensus on the selling pressure regarding HYPE. Due to the lack of broader data on coin distribution, large-holder activity frequency, and perpetual contract holding structures in public materials, the behavior of this single address should currently be classified as "individual institutional position adjustment." Although the institutional tags of BIT or Matrixport have heightened market attention towards this transaction, without clear signals of simultaneous large-scale reductions by multiple institutions, this single transaction alone is insufficient to directly infer a reversal of the overall trend. The market needs to continue tracking the movements of the remaining 200,000 tokens in this wallet and closely observe whether more addresses marked as institutional will engage in similar cash-out operations near the 42 USD price point.

Massive loss of 165 million USD yet continues to hold HYPE

Compared to the slight reduction by the BIT related wallet, Hyperliquid Strategies (PURR), as the core reserve holder of HYPE, exhibits a starkly different financial backdrop and holding logic. According to AiCoin data and related financial reports, as of March 31, 2026, the company recorded a net loss of about 165.4 million USD over nine months. This significant loss is not solely due to business failures but is composed of three core factors: firstly, unrealized net losses of about 64 million USD caused by the market value pullback of HYPE; secondly, a one-time write-down related to the acquisition of Sonnet BioTherapeutics, involving approximately 35.6 million USD; lastly, an increase in deferred income tax expenses of up to 60.5 million USD. Despite the pressure on the figures, the company still earned 2.6 million USD and 1 million USD from HYPE staking and interest income respectively in the most recent quarter to offset approximately 7.2 million USD in operating expenses.

In the shadow of losses, Hyperliquid Strategies' HYPE reserve has shown a counter-cyclical growth trend. Since its establishment in December 2025, the company has cumulatively invested about 216 million USD to acquire approximately 7.3 million HYPE, and its total holding has reached about 20 million HYPE, which significantly exceeds the selling volume of the aforementioned associated wallet. Meanwhile, the company has additionally utilized about 10.5 million USD to repurchase around 3 million of its own shares, PURR, at an average price of 3.42 USD per share and retains about 103 million USD in cash for future treasury deployments and share buybacks. This behavior of continuously expanding reserves and repurchasing stock while facing accounting losses shows the core holder's strong bet on the long-term business model of HYPE, shifting the market's focus from short-term address movements to the long-term support strength of the treasury.

External funds reduced holdings vs. treasury increased stakes: Divergence between bulls and bears

From the scale of the chip distribution, the sale of 200,000 HYPE by the wallet associated with BIT or Matrixport stands in stark contrast to Hyperliquid Strategies' cumulative holding of about 20 million HYPE. Although the external institution's reduction has triggered the market's attention to liquidity pressure in the short term, in terms of scale, the core treasury's holding size is about a hundred times that of the selling scale from this wallet. There are also significant differences in the financial characteristics and operational rhythm between the two: the behavior of the external associated wallet reflects a short-term concentrated cash-out on the HyperLiquid platform, whereas Hyperliquid Strategies' accumulation process spans multiple quarters since December 2025, representing a typical long-term strategic increase.

This pattern of divergence between bulls and bears is further validated in the financial report data. Although Hyperliquid Strategies recorded a net loss of approximately 165.4 million USD during the relevant reporting period, the report shows that the primary cause of the loss stems from an unrealized book fluctuation of about 64 million USD in HYPE, and the one-time write-down of approximately 35.6 million USD related to legacy business. These accounting losses did not diminish its willingness to continue deploying around HYPE. On the contrary, during the loss period, the company still earned about 2.6 million USD from staking HYPE and used cash for stock repurchases, consistently executing its established strategy of accumulating token value. In summary, the current on-chain signals of HYPE present a game pattern of "external institutions periodically reducing holdings, while core reserve subjects continuously increase stakes," with the long-term pricing logic of the market still anchored on the financial resilience of the core holders.

Next, pay attention to the wallet movements and financial report rhythms

In the short term, investors need to closely monitor the subsequent actions of the BIT related wallet on HyperLiquid. According to AiCoin data, the wallet currently holds about 203,290 tokens after cashing out 200,000 HYPE in two batches and has shown no signs of complete liquidation; the handling of its remaining position will directly reflect the rebalancing intentions of institutional addresses. From a medium and long-term perspective, the changes in HYPE holdings, staking revenue performance, and the utilization rhythm of the 103 million USD cash reserve in Hyperliquid Strategies' next financial reports will continue to shape the market’s pricing framework for the long-term value of HYPE. In the absence of broader on-chain coin distribution data, this series of events resembles the starting point of "institutional divergence becoming visible,” and participants should view it as a window to observe the tug of war between bullish and bearish forces rather than a definitive signal in a single direction.

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