Whales are starting to cash out after a blistering run in Hyperliquid’s native token $HYPE, on-chain tracker Lookonchain flagged on X (Twitter) late Thursday, a string of multi-million-dollar sales by large addresses shows profit-taking as the token trades in the mid-$50s.
According to the Lookonchain post, four big wallets have sold large chunks of HYPE over the last few days: 0x746b (qianbaidu.eth) unloaded about 188,861 HYPE (~$10.6M) at an average of $56.01, 0x7be1 sold 175,000 HYPE (~$9.75M) at $55.72 avg, 0x0e41 sold 113,310 HYPE (~$6.32M) at $55.74 avg, and 0xe867 disposed of 50,000 HYPE (~$2.77M) at $55.53 avg. The thread shows that the profit-taking happened over a short window as HYPE rallied.
Market Context
HYPE has exploded into the spotlight in recent days, with heavy on-chain buying pushing the token to fresh highs and sparking intense interest from both retail traders and whales. At the time of writing, HYPE is trading roughly in the mid-$50s per major price aggregators, with 24-hour moves in the single-digit percent range and hundreds of millions of dollars of reported volume, evidence of very hot trading activity.
The sales follow a wave of big buys earlier in the week: on-chain monitoring and reporting noted that the wallet tied to qianbaidu.eth purchased ~431,000 HYPE at about $47.7 per token in a prior buying spree, a position that, given the current price range, would now be comfortably profitable. Using the earlier buy price and a mid-$50s market price, that trade would show roughly a ~17% gain on paper, the kind of move that often triggers partial profit-taking by large holders.
Short term, the combination of intense volume, headline whale buys and then quick partial sells is classic “rotation”: large players accumulate into strength, which lifts price and brings in momentum traders, and then some of those same large players take profits to lock gains. That pattern often leads to chop, brief pullbacks and consolidation, rather than an immediate crash, provided buying pressure remains.
On the narrative side, HYPE’s surge has drawn coverage and more liquidity, which can both amplify upward moves and accelerate profit-taking. The recent Lookonchain alert is a timely reminder that even on rapid rallies, whales often harvest gains. For traders, the key signals will be whether the selling is limited to profit-taking or whether it snowballs into a larger distribution phase. Either way, the token’s price action and on-chain flows are worth following closely, and they’re generating real headlines right now.
