High Stakes Capital completely exited 602,421 HYPE positions for $22.9 million at about $38, extending a wider wave of profit-taking among Hyperliquid whales near an all-time high.
summation
- HYPE is trading around $38.86 after High Stakes Capital completely liquidated a position worth about $22.94 million in 24 hours.
- This address offloaded 602,421 HYPEs at an average price of $38.08, after previously selling 300,000 HYPEs for $11.45 million at $38.17 each.
- The unwind extends a broader profit-taking pattern among large hyperliquid whales after the derivatives-focused token hit an all-time high near $40.
A major Hyperliquid (HYPE) whale known as High Stakes Capital liquidated over 600,000 HYPE in the last 24 hours, cashing out approximately $22.94 million and putting short-term pressure on the flagship Hyperliquid token. Citing Onchain Lens data, ChainCatcher reported that this address sold a total of 602,421 HYPEs for approximately $22.938 million at an average price of $38.08, with a final 152,421 HYPEs netting approximately $5.82 million and completing the exit. The selloff came as HYPE, the native token of Hyperliquid’s decentralized perpetual and derivatives ecosystem, rose 2.72% on the day to around $38.86, trading just below recent highs.
PANews also cited Onchain Lens, noting that in the last 12 hours, the same whale has already sold 450,000 HYPEs for $17.12 million (USDC) at an average price of $38.05, and still holds 152,421 HYPEs worth $5.68 million before the final leg. Phemex News previously reported that High Stakes Capital offloaded 300,000 HYPEs for $11.45 million at an average price of $38.17, and still holds 302,421 HYPEs worth about $11.54 million, with cumulative profits exceeding $33.2 million. This staggered liquidation pattern shows that whales are systematically selling with strength in the $38-$39 range, rather than dumping in a single transaction. This strategy tends to limit slippage but can limit upside while orders are liquidated.
HYPE is part of the Derivatives and DeFi segment and serves as the core token of the Hyperliquid network, where traders use the platform for decentralized perpetual futures and leveraged speculation. Hyperliquid’s token hit an all-time high near $39.93, with 24-hour trading volume surging to about $496 million and open interest rising to $10.1 billion, according to a previous report by DailyCoin on HYPE’s breakout. At the same time, the total value locked in the protocol increased by more than 369%, from approximately $311.55 million to $1.462 billion in a matter of weeks, highlighting the scale of capital being diverted to derivatives-focused DeFi.
Recent data shows that large HYPE holders are actively managing exposure in the $35-$40 range. KuCoin Flash reported that another origin whale linked to an address called tummy.hl has started selling 498,000 HYPE via TWAP orders for over $20 million, with the sale expected to be completed within 21 hours. According to a price analysis by Coingabbar, HYPE was trading at $34.73 in early February, up 30.53% month-on-month, and despite an 18% drop in volume to about $805.7 million, open interest reached $1.65 billion, suggesting structurally strong but increasingly crowded trading. Against this backdrop, High Stakes Capital’s exit looks less like a capitulation and more like a textbook profit-taking in an expanded market. That’s because derivative tokens and exchange-linked assets continue to outperform the broader cryptocurrency complex.