Hyperliquid’s HYPE Token sees major whale activity, staking moves and open‑interest surge

A crypto whale that accumulated about $172 million of Hyperliquid’s HYPE token over nine months moved the assets to staking, earning roughly $44.5 million in rewards. Meanwhile, wallets linked to venture‑capital firm a16z transferred nearly $59 million of HYPE to major exchanges, prompting concerns about potential sell pressure.

Open interest on Hyperliquid’s decentralized derivatives platform climbed about 130 % since early February, indicating a large influx of capital into perpetual futures. A separate on‑chain trader holds the biggest HYPE long position, valued at over $80 million despite an $18 million unrealized loss.

Funds such as Multicoin Capital have queued roughly $150 million of HYPE for unstaking and withdrawal, creating a short‑term supply overhang. In parallel, Hyperliquid announced that its HIP‑4 outcome‑market protocol will become permissionless, requiring a 500,000‑token stake (about $30 million) for deployment. These combined actions highlight heightened activity and liquidity shifts around the HYPE token.