Key highlights:
The Hyperliquid token is back in the spotlight with large institutional transfers. Following the recent transfer of HYPE by Bitwise, a wallet linked to Selini Capital has reportedly moved nearly $26.8 million worth of Hyperliquid tokens to OKX.
Although large institutional transactions to crypto exchanges do not always guarantee a potential sell-off, they can often signal a sale may be coming. Thus, these transfers are closely watched by investors to know their impact on the HYPE crypto price. As the altcoin is currently experiencing high volatility, the next move of these institutional giants could be important for HYPE.
Selini Capital moves $26.8M in Hyperliquid to OKX
On-chain crypto analytics platform Lookonchain took to X earlier today to
For context, Selini Capital is one of the major institutional participants in the Hyperliquid ecosystem. The firm had held a large amount of HYPE tokens and was also involved in staking. Last week, the firm requested to unstake around 504,000 HYPE tokens after shutting down its DreamCash perpetual. As the company has now moved a significant portion of its HYPE holdings, it has sparked speculation about Selini Capital’s future HYPE strategy.
Bitwise continues to sell HYPE
What is more concerning about Selini Capital’s latest HYPE move is that it comes hot on the heels of Bitwise’s recent sell-off. According to a Lookonchain post on July 28, the asset manager sold about 117,917 HYPE tokens, worth roughly $7.05 million.
Source: Arkham
It is also important to mention that the recent Hyperliquid sale follows a series of similar transactions by Bitwise in the previous weeks. According to the details revealed by Lookonchain, the crypto investment giant has moved more than $30 million in Hyperliquid tokens over the past two weeks. These transactions are connected to outflows from Bitwise’s BHYP Hyperliquid ETF.
Hyperliquid price slips 12% in a month
Driven by increasing speculation of institutional liquidation, the Hyperliquid price is facing volatility. Currently trading at $55.44, the token has experienced a significant fall of nearly 12% over the past month. While it dropped by a marginal 0.6% in a day, HYPE is down by about 5% in a week.
The trading activity has also declined due to the current negative sentiment. The 24-hour volume has plunged to $385.3 million, down 16%. This indicates that the traders have currently paused both their HYPE purchases and sales, waiting for more clues on the token’s future performance.
Source:: Another Institutional Hyperliquid Sell-Off? Selini-Linked Wallet Moves $26.8M HYPE After Bitwise