Hyperliquid Team Moves $90M HYPE, Sell-Off Ahead?

Key Insights:

• Hyperliquid wallet moved $90M in HYPE, raising concern over possible large-scale sell activity.
• Funding rates flipped negative after wallet shift, suggesting growing trader caution in the market.
• Spot wallet now holds millions in unlocked tokens, but no exchange movement spotted—yet.

Hyperliquid transferred 2.6 million HYPE tokens—worth about $90.18 million—from staking to a spot wallet on November 29 at 12:32 UTC+8. On-chain records from HypurrScan show this transaction came from address 0x43e9abea1910387c4292bca4b94de81462f8a251, a wallet linked to HyperLabs. The transfer reduced the staked balance but left around 240 million HYPE still locked, estimated at over $8.33 billion.

This movement raised questions among market participants. While no direct selling has been confirmed, moving tokens to spot is often seen as a preparatory step for liquidity actions. The address holds no perpetual positions or vault assets. Its total wallet value exceeds $8.42 billion, with only $90 million currently in spot.

Wallet Activity Suggests Internal Shifts

Alongside the main HYPE transfer, the wallet also shows smaller inbound token transfers. These include PICKL, YAP, and BIGBEN, each valued under $50. All of them came from a familiar address, pointing to low-value internal flows or testing activity. None of these suggest external transactions or new accumulation.

The main focus remains on the HYPE tokens. Whether this shift signals a sale or internal reallocation remains unclear. One user commented, “No action yet, but this isn’t something you ignore.”

Funding Rate Turns Negative as HYPE Enters Spot

Data from CoinGlass shows the funding rate for HYPE dropped sharply below 0% following the transfer. Before this, funding had been mostly positive from early September to mid-October, when HYPE’s price moved toward $64. The shift in rate came as prices cooled, and short positions gained ground.

Traders typically monitor funding rates to gauge leverage sentiment. A drop below zero means short positions are paying to hold, often tied to increased bearish bias. The timing of the funding dip and the token move adds weight to market concerns.

Price Range Holds, but Traders Stay Cautious

HYPE’s price was moving between $37 and $40. This comes after several weeks of drawdowns, with a slight bounce in the last few sessions. Funding remains mixed, and price action has been tight. No large outflows from the wallet have followed, but eyes are on the spot balance.

“Still watching. That $90 million doesn’t move for no reason,” one market participant noted.