Key facts
- Hyperliquid's native token HYPE fell 12% in the past 24 hours.
- A wallet linked to a16z sold approximately 437,000 HYPE tokens worth $28.38 million.
- Two a16z-linked wallets have dumped a total of $59 million in HYPE tokens.
- HYPE futures open interest decreased by over 8% to $2.55 billion.
- Robinhood Chain recorded higher 24-hour DEX volume than Hyperliquid.
Hyperliquid's native token, HYPE, experienced a significant price drop of 12% over the last 24 hours, trading at $59.46. This decline was attributed to substantial profit-taking, notably from a wallet associated with the venture capital firm a16z. On-chain data revealed that this wallet deposited nearly 437,000 HYPE tokens, valued at approximately $28.38 million, across various cryptocurrency exchanges including Hyperliquid, OKX, Bybit, and Gate. In total, two wallets linked to a16z have divested $59 million worth of HYPE tokens within the past day. The selling pressure coincided with broader market volatility, including $19 million in HYPE long positions being liquidated and nearly $400 million in liquidations across the crypto market in the last 24 hours. This broader market downturn was partly influenced by new US strikes on Iran and a significant crypto options expiry. Trading volume for HYPE saw a 40% increase, indicating active participation in the profit-taking. In terms of decentralized exchange (DEX) volume, Robinhood Chain has overtaken Hyperliquid, recording over $606 million in 24-hour volume compared to Hyperliquid's $1.48 billion over the last seven days. Analysts from Ched Trading noted that HYPE's price falling below the EMA-8 on the weekly chart suggests potential for further declines towards $55 if support is not maintained. Derivatives markets also reflected bearish sentiment, with HYPE futures open interest falling by over 8% to $2.55 billion.