Highlights
- A wallet tagged 0xEe0A has sold HYPE almost every day for two weeks, depositing 232,610 tokens (~$19.67M) into Bybit and Gate.
- The selling is happening as HYPE trades near its all-time high of $89.54, set September 6.
- Other large wallets have accumulated over $20M in HYPE in the same window, while Multicoin Capital has trimmed its long-held position.
- The daily, drip-fed selling pattern is a method large holders use to minimize price impact while realizing profit.
A wallet tracked by on-chain analytics firm Lookonchain has sold Hyperliquid's HYPE token almost every day for the past two weeks, funneling a combined 232,610 HYPE — worth roughly $19.67 million — into the Bybit and Gate exchanges. The selling, confirmed by on-chain records, comes as HYPE trades within striking distance of the all-time high of $89.54 it set on September 6, putting the wallet's exit squarely at the top of the token's 2026 range. The steady, almost mechanical pace of the deposits — day after day rather than in one lump sum — is the kind of pattern on-chain analysts watch closely, since it typically signals a holder locking in profit gradually rather than reacting to a single piece of news.
A Pattern Built to Avoid Moving the Market
The wallet, identified on-chain as 0xEe0A18B394ecE1D7bE81Be15d6cEc3Ac7707b71C, has been offloading HYPE in smaller daily tranches rather than a single large block, a method that tends to minimize slippage and avoid tipping off the market to a large position being unwound. Lookonchain's tracking shows the deposits landing on both Bybit and Gate, two exchanges commonly used by large holders to convert tokens to stablecoins or fiat without moving price on any single venue. The activity is notable because it runs directly counter to HYPE's price action: the token has been grinding toward records rather than falling, meaning this wallet has been selling into strength for two straight weeks rather than capitulating into a decline. That timing puts the wallet's realized gains at a multiple of its likely cost basis, assuming it accumulated HYPE at any point before Hyperliquid's exchange volumes and token price began their climb this year. The exact acquisition history isn't public, but the consistency of the selling distinguishes it from the kind of single-transaction whale dumps that typically trigger sharper, more immediate price reactions.
A Two-Sided Market for HYPE Whales
The sale lands in a market where HYPE whale activity has turned genuinely two-sided. Other large wallets have been accumulating aggressively in the same window — one buyer added roughly $20.24 million worth of HYPE in a matter of days, on top of an earlier $31.5 million accumulated between August 25 and 27 — while at least one long-term holder, Multicoin Capital, has trimmed its position to roughly a quarter of its peak size after holding for more than six months. That split suggests the market isn't reading this seller's activity as a broad signal to exit; HYPE has continued to hold within a few dollars of its all-time high even as the daily deposits have piled up. Still, a steady drip of $19.67 million reaching exchange order books is a meaningful overhang for a token whose daily volume, while substantial on Hyperliquid's own perpetuals exchange, can still be moved by concentrated selling from a handful of large wallets. For traders watching HYPE's attempt to clear resistance above $86, on-chain flows like this one function as a leading indicator of near-term supply pressure — a reminder that even a token making new highs can carry hidden sell-side weight from wallets locking in profit rather than betting on further upside.
Related: Two Different HYPE Whales Just Finished Cashing Out Within Days
What to Watch Next
The next signal is whether the wallet's selling pace changes now that its deposits have been publicly flagged — sustained tracking by on-chain analysts tends to either accelerate a seller trying to finish before scrutiny grows, or pause activity to avoid further attention. More broadly, HYPE's ability to hold its current range depends on whether the accumulation seen from other large wallets, including the institutional buying interest building around Hyperliquid, can keep absorbing supply at the pace it has over the past two weeks. A decisive break above $89.54 would suggest buyers are winning that tug-of-war; a slide back toward the mid-$70s would suggest sellers like this one are setting the tone instead.
FAQ
Who is behind the HYPE selling?
An on-chain wallet labeled 0xEe0A by the analytics firm Lookonchain, which has sold HYPE into exchanges almost every day for two weeks.
How much HYPE has the wallet sold?
A combined 232,610 HYPE, worth approximately $19.67 million, deposited into the Bybit and Gate exchanges.
Is this a bearish signal for HYPE's price?
Not necessarily on its own — other large wallets have accumulated more than $20 million in HYPE over the same period, and the token has held near its all-time high despite the selling.
What is HYPE's current price level?
HYPE is trading near its all-time high of $89.54, which it set on September 6.
