Whales Withdraw $64.9M in HYPE as Trader Flips Long
A newly created wallet moved 902,317 HYPE (~$64.9M) off exchanges in 72 hours as trader loracle.hl, down $46.46M shorting the token, flipped to a long and lost another $840,000.
On-chain records show a newly created wallet withdrew 902,317 HYPE, roughly $64.9 million, from exchanges over a 72-hour span. Wallet 0x6436 transferred 140,960 HYPE (about $9.48 million) as part of that total. A separate address, 0xc0f5, moved 170,000 HYPE (about $10.87 million) off Coinbase within a few hours. Much of the withdrawn HYPE was sent to self-custody addresses or into staking contracts, reducing the token’s available supply on order books at exchanges such as Coinbase and Kraken.
The exchange outflows coincided with heavy trading in HYPE. On-chain trader loracle.hl opened a large short position and reported losses of $46.46 million as the token rallied. The trader then converted the short into a long position and incurred an additional $840,000 loss after the flip.
Observers tracking on-chain flows recorded tens of millions of dollars in HYPE leaving major venues in recent sessions, and a sizeable portion of those coins flowed into staking contracts rather than hot wallets. Separate reporting indicates that Arthur Hayes has exited his HYPE position.
HYPE has climbed in 2026 and traded near record highs around $70 after regulatory changes expanded access to U.S. perpetual futures and exchange-traded products for the token. Over the same period, bitcoin traded as low as about $61,300 and the total crypto market capitalization declined toward roughly $2.2 trillion.
Market participants continue to monitor exchange outflows and staking deposits for further on-chain developments.
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