Large holders are pulling HYPE off exchanges at a steady clip, suggesting accumulation rather than an intent to sell. To this point, a newly created wallet tagged 0x6436 withdrew another 140,960 HYPE worth about $9.48 million, bringing its three-day haul to 902,317 HYPE, approximately. $64.9 million.

Image source: X

A second fresh wallet, 0xc0f5, subsequently pulled 170,000 HYPE worth $10.87 million from Coinbase (all in a span of a few hours). Coins moved into self-custody or staking can no longer sit on an order book waiting to be dumped, and broader tracking has shown tens of millions of dollars in HYPE leaving venues like Coinbase and Kraken in recent sessions. Much of this money was routed straight into staking contracts rather than held in liquid form.

Not everyone has timed their Hyperliquid movements well, with popular onchain trader loracle.hl, losing $46.46 million this week, shorting HYPE as the token ground higher. Rather than step aside, he flipped to a long position and promptly fell another $840,000 into the red.

Image source: Hypurrscan

The episode echoes a string of high-profile HYPE wipeouts and windfalls recently, with Bitcoin.com News reporting on a Hyperliquid trader who banked $7.5 million on ZEC and HYPE longs before swinging into a leveraged ETH position.

For now, the picture leans constructive despite the noise, given that persistent exchange outflows, paired with staking, suggest larger players are positioning for upside rather than bracing for a crash. HYPE has spent 2026 confounding skeptics, climbing to record highs near $70 as regulators opened the door to U.S. perpetual futures and exchange-traded products expanded access to the token.

The risk is that accumulation data can flatter a token right up until sentiment turns. Not only that, whale wallets can distribute as quietly as they accumulate, and a single large holder reversing course (as loracle.hl’s painful long shows) does not guarantee the next move.

Still, fresh money has kept pulling HYPE into cold storage. Whether that conviction will continue to be rewarded will depend on whether Hyperliquid can keep defying the gravity that has dragged the rest of the market lower, bringing bitcoin to as low as $61,300 (and the market’s overall capitalization to 2.2T).

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