High Stakes Capital exited its entire 602,421 HYPE position for $22.9 million (about $38), extending a broader wave of profit-taking among Hyperliquid whales near record highs.
summary
- HYPE is trading at around $38.86 after Whale High Stakes Capital fully exited a roughly $22.94 million position in 24 hours.
- The title has unloaded 602,421 HYPEs at an average price of US$38.08, following previous sales of 300,000 HYPEs for US$11.45 million at US$38.17 each.
- This unbundling extends to a broader pattern of profit-taking among large Hyperliquid whales after the derivatives-focused token hit record highs near $40.
Major excess fluid (The noise) A whale known as High Stakes Capital has liquidated over 600,000 HYPE in the past 24 hours, cashing out nearly $22.94 million and putting a short squeeze on the flagship Hyperliquid token. ChainCatcher, citing Onchain Lens data, reported that the address sold a total of 602,421 HYPEs for approximately US$22.938 million, at an average price of US$38.08, with the final tranche of 152,421 HYPE netting approximately US$5.82 million and completing the exit process. The sell-off comes as HYPE, the native token of the decentralized perpetual and derivatives system Hyperliquid, is trading just below recent highs at around $38.86, up 2.72% on the day.
PANews, also citing Onchain Lens, noted that in the past 12 hours, the same whale had already sold 450,000 HYPE for $17.12 million USD, with an average price of $38.05, while still holding 152,421 HYPE worth $5.68 million before the final stop. Earlier, Phemex News reported that High Stakes Capital unloaded 300,000 HYPEs for $11.45 million at an average of $38.17, while still sitting on 302,421 HYPEs worth approximately $11.54 million and cumulative earnings exceeding $33.2 million. This staggered exit pattern shows that the whale is systematically selling aggressively around the $38 to $39 range rather than dumping in a single trade, a strategy that tends to limit slippage but can drive upside when orders are clear.
The noise It is part of the derivatives and Decentralized finance sectorserving as the underlying token for the Hyperliquid network, with traders using the platform for decentralized perpetual futures and leveraged speculation. The Hyperliquid token previously reached an all-time high near $39.93, with 24-hour trading volume rising to nearly $496 million and open interest rising to $10.1 billion, according to a previous DailyCoin report on the HYPE hack. Meanwhile, the total value locked in the protocol jumped more than 369% in a matter of weeks, from about $311.55 million to $1.462 billion, underscoring the scale of capital turnover in derivatives-focused DeFi.
Recent data suggests that large HYPE holders are actively managing exposure in the $35-$40 range. KuCoin Flash reported that another whale linked to the address known as tummy.hl, has begun selling 498,000 HYPE via TWAP orders for over $20 million, with the sale expected to be completed within 21 hours. Coinabbar price analysis indicated that HYPE was trading near $34.73 in early February, up 30.53% from the previous month, with open interest at $1.65 billion even as trading volumes fell 18% to around $805.7 million, suggesting a Structurally Bullish but increasingly crowded trade. Against this backdrop, High Stakes Capital’s exit looks less like a capitulation and more like making textbook profits in an extended market, where derivatives tokens and exchange-linked assets continue to outperform much of the broader cryptocurrency complex.
