Hyperliquid has seen major development on-chain as a wallet associated with the team moved $90 million in HYPE from staking to spot. This prompted a large outflow discussion and speculation as this wallet is still one of the largest holders of Hyperliquid tokens as they retain over 240 million HYPE staked over $8.3 billion.
This movement has had a large impact on the community and has had a variety of discussions on the team’s purpose and the network’s strategies around liquidity.
Hypurrscan reported a movement of 2.6 million tokens at 12:32 UTC+8. Predictions on this movement range around treasury management and liquidity speculation. As Hypurrscan is the one detecting these movements, there is an assumption that it is purposeful and facilitated around liquidity management.
This is however, not universally accepted, as a large group of Hypurrscan HIP holders see it as a more defensive measure of not just liquidity preparation. The retention of 240 million staked HYPE is a sign of the team’s commitment towards the project, reinforcing network fundamentals.
The previous losses due to the Popcat whale exploit whereby the pool lost $4.9 million and the temporary locking of withdrawals and deposits before that have made the community to be on the lookout. These events have increased the sensitivity of the community to large movements on team-associated wallets, and to keep an eye on HYPE.
Hyperliquid’ s network metrics continue to be excellent despite the caution in the markets. Metrics provided by Artemis have HYPE network as the leader across all the monitored chains and hence in the last 24 hours, generated more than $2 million in network fees.
It exceeded all major chains including Tron, Sol, eth, BNB Chain and Bitcoin. There appears to be strong demand for Hyperliquid’s trading and this demand is driven by the active participation of the users.
The mixed market reactions was to the token itself. HYPE was trading on trading view at just under $ 34.50 with a teader at that time gain of 24 hours. New listings on Robinhood have led to speculation on whether HYPE could hit 50.
The token as at that last is was increased for the 1 week range time on the one month trading period. The price fall was largely driven by marketers and the trend caution that is wider in the market.
There is a lot of activity, especially in the derivatives market, indicating that there is a lot of interest from traders. Volume in the market increased by 45% to a staggering $1.61 billion, according to Coinglass.
In addition, the Open interest grew by 4% indicating that traders are expecting big moves in the market. Leverage in the market is also increasing indicating traders are looking for immediate action, not selling off.
There is also heavy activity in competition for crypto derivatives after Lighter recently raised $68 million at a valuation of $1.5 billion. These changes showcase a quickly developing market with competition, while the gains from the network at Hyperliquid demonstrate adoption and confidence from traders.
