Another notable whale activity has been recorded in the cryptocurrency market. A large whale known as “TechnoRevenant,” with a market capitalization of approximately $100 million, initiated a massive unstake operation in Hyperliquid (HYPE) tokens.
According to on-chain data, a whale unstakes a total of $84.96 million worth of HYPE tokens via the address 0x179f…bbbb. These assets are expected to be released in approximately 6 days, raising questions about potential selling pressure in the markets.
Analysts note that a breakout of this magnitude typically points to two scenarios: either preparation for a major sell-off or a shift to a different platform/strategy. Examining current price movements, the HYPE token has lost over 4% in value in the last 24 hours, but altcoins are generally declining across the cryptocurrency market today.
Whether this will truly create selling pressure for HYPE, the token of Hyperliquid, which has recently stood out among decentralized cryptocurrency exchanges with a market capitalization of approximately $8.89 billion, remains to be seen.
*This is not investment advice.
