A major whale has staked over $100 million worth of HYPE tokens as the token faces continued downward pressure from derivatives markets. According to AMBCrypto reports, three new wallets linked to one whale staked 1.255 million HYPE, worth $100.43 million, taking a longer-term view despite current market weakness. The move represents a significant commitment as over 439.9 million HYPE are currently staked, worth $35.2 billion and representing roughly 44% of supply. However, HYPE breached $80 support and fell to $78 before bouncing back to around $79, down 1.7% over the past day as the broader market weakened following lower-than-expected Consumer Price Index (CPI) data.
Derivatives markets continue to contribute significantly to the selling pressure despite staking activity. As reported by AMBCrypto, Hyperliquid saw $673.4 million in Futures Outflows and $592 million in inflows over the past day, resulting in Netflow falling to -$80 million with more capital flowing out than entering. For perpetuals on Binance, sell volume rose to 2.02 million with Net Buying at -3.5 million, indicating that more sell orders were executed. This bearish derivatives sentiment contrasts with the whale's decision to commit to long-term staking, suggesting that the derivatives market remains a significant thorn for HYPE's price recovery.
Technical indicators reflect continued bearish pressure as the token struggles to maintain key support levels. According to AMBCrypto analysis, the Relative Strength Index (RSI) fell deeper into the bearish zone, reaching 39 and reflecting increased bearish pressure. The daily MACD presents a weaker momentum reading with the MACD line at −0.674, below the signal line at 0.700, supporting a bearish reading. Grok AI analysis suggests key nearer-term supports sit in the $75–$80 and $70–$72 zones, with holding these levels maintaining the broader recovery structure. If selling pressure continues, Hyperliquid is likely to extend its decline and fall to $75 in the short term, while if staking manages to absorb the selling pressure, HYPE could defend $80 and target a move to reclaim $88.
Hypercall, the options platform built on Hyperliquid, has recorded $640 million in notional volume since June 1, with more than 80% coming from S&P 500 options. According to CoinDesk reports, open interest stands at approximately $49 million, with $47 million concentrated in S&P 500 options. The platform offers daily, weekly and monthly expiries around the clock, settles contracts in USDC, and has seen trading concentrate in options expiring the next day. As Hypercall founder Jake Sylvestre explained, "The volume is concentrated in options expiring the following day. Traders can take a view on the next day's move or hold a position further out." The exchange's growth reflects rising demand for blockchain-based access to traditional markets, though its volume remains small compared with established options venues.
According to Hyperliquid's official documentation, the Assistance Fund automatically converts its share of trading fees into HYPE through the network's execution system, with HYPE held in the fund being burned permanently. As reported by crypto.news, Hyperliquid activated its AQAv2 framework for USDC on August 26, sending approximately 90% of cost-adjusted reserve yield to the protocol. The framework makes payments dependent on reserve balances, yields, and operating costs rather than setting a fixed annual contribution. In September, Hyperliquid reported $429.04 million in revenue from January 1 through September 15, placing it first in CoinGecko's adjusted comparison with 12.62% of a $3.40 billion revenue pool.
