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.
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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.
