HYPE Whale Stakes $32.9M on Hyperliquid as Token Extends Weekly Decline

A major Hyperliquid (HYPE) transaction has drawn attention after blockchain tracker Whale Alert reported that 557,902 HYPE, valued at approximately $32.9 million, was transferred from an unknown wallet to HyperCore, the core trading infrastructure powering the Hyperliquid Layer 1 blockchain.

HyperCore serves as the network’s native trading engine, supporting fully on-chain spot and perpetual futures order books. While Whale Alert did not specify the purpose of the transfer, on-chain analytics platform Lookonchain provided additional insight, suggesting the tokens were moved for staking.

According to Lookonchain, the whale received the 557,902 HYPE from crypto prime broker FalconX before depositing the tokens into Hyperliquid for staking. If confirmed, the transaction would represent another sign of growing confidence among large holders in the network’s staking ecosystem.

The latest move follows another major whale transaction reported on July 24, when a large investor staked 2.93 million HYPE, worth roughly $172 million. Lookonchain said the tokens were deposited through 19 different wallets, which were likely controlled by the same entity, before being staked on Hyperliquid.

Despite continued whale accumulation, HYPE price has remained under pressure. At the time of writing, the token traded at $57.48, down 1.59% over the past 24 hours and 2.13% for the week.

The cryptocurrency has posted four consecutive daily declines from July 21 to July 24, continuing a correction that began after retreating from its recent all-time highs. Technical price action has also produced a pattern of lower highs, reflecting cautious market sentiment.

The broader crypto market has experienced similar weakness. According to CoinGlass, approximately $244 million in leveraged crypto positions were liquidated over the past 24 hours. Long positions accounted for $215 million of those liquidations, while short positions totaled $29 million, highlighting continued selling pressure across much of the altcoin market even as whale staking activity remains strong.