Hyperliquid's HYPE token is experiencing significant selling pressure from large holders, with whale activity intensifying over recent days. According to reports from AMBCrypto, a wallet identified as 'Matrixport' sold 100,000 HYPE worth approximately $4.21 million during early hours of May 8th. This followed a previous transaction where the same wallet offloaded another 100,000 HYPE, reducing its holdings significantly to roughly 203,290 HYPE. The broader trend has continued with HyperLab unstaking a large amount of HYPE valued at about $17.34 million on May 7th before transferring tokens to exchanges including Bybit and OKX for potential selling activity.
Despite whale selling pressure, retail traders have demonstrated strong buying activity that has helped stabilize HYPE's price action. As reported by AMBCrypto, over the past three days, Spot investors purchased approximately $131.13 million worth of HYPE, while sellers offloaded around $101.74 million during the same period. This translates to a positive three-day netflow of nearly $29 million worth of HYPE absorbed from the market. Over the past 24 hours, Spot netflow has remained slightly positive with buyers maintaining control through an estimated net inflow of roughly $986,000.
Despite whale selling pressure, Hyperliquid's platform continues to demonstrate strong growth metrics. According to data from The Block, the platform's cumulative perpetual trading volume recently reached a new all-time high of $4.42 trillion, highlighting sustained user activity and strong market participation. The growth comes as Hyperliquid's Q1 report showed the platform generated approximately $192.5 million in profit, while the figure remains slightly below the roughly $255 million profit recorded in the previous quarter. Since the beginning of Q2, Hyperliquid has already generated approximately $64.71 million in profit between April 1st and press time.
Despite continued whale selling pressure, HYPE's broader structure remains tilted in favor of the bulls according to AMBCrypto analysis. The token is currently trading around $42.50 with market activity remaining relatively subdued, as HYPE has declined roughly 1% over the past 24 hours. However, broader sentiment still suggests the possibility of continued upside momentum, with continued accumulation from Spot investors potentially strengthening the foundation for a longer-term rally. The sustained retail demand has helped maintain price stability against the whale-driven selling pressure.
