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An early Hyperliquid whale has sold 4.99 million HYPE tokens for $228.76 million at an average price of $45.82, realizing a profit of $148.63 million after holding for nine months.
The whale purchased 5.07 million HYPE tokens at an average price of $16.23 and now retains only 77,089 HYPE worth approximately $3.37 million, according to blockchain analytics firm Lookonchain.
The massive selloff joins a broader wave of whale capitulation on Hyperliquid as traders rotate capital into competing platform Aster DEX on BNB Chain.
Multiple large holders have accelerated selling over the past week, collectively dumping over $100 million worth of HYPE tokens while shifting funds to Aster following endorsements from former Binance CEO Changpeng Zhao.
Arthur Hayes Exits After Predicting 126x Surge, Cites November Unlock
The Hype liquidation mass began after BitMEX co-founder Arthur Hayes sold his entire HYPE position on September 21, netting approximately $823,000 in profit from 96,628 tokens for a 19.2% return.
Hayes stated he needed funds for a deposit on a “new Rari 849 Testarossa” luxury vehicle shortly after the sale.
Just weeks earlier at the WebX 2025 conference in Tokyo, Hayes publicly predicted HYPE could surge 126x over three years, citing Hyperliquid’s growing ecosystem and expected stablecoin market expansion.
He claimed annualized fees on the platform could grow from $1.2 billion to $255 billion.
Despite the bullish forecast, Hayes exited ahead of a significant token unlock event.
Research shared by Maelstrom indicates that 237.8 million HYPE tokens will begin vesting on November 29 over a period of 24 months.
At current prices of $45, the unlock would mean $10.7 billion in value, translating to approximately $446 million in monthly selling pressure.
Current buybacks only absorb about 17% of that volume, creating substantial supply overhang concerns.
Maelstrom noted that developers with life-changing token sums vesting face pressure to realize gains, questioning whether the platform can maintain price support through the unlock period.
Whale Exodus Accelerates as Aster DEX Overtakes Trading Volumes
Multiple whales have accelerated HYPE liquidations over the past week, with one prominent holder selling 2.441 million HYPE worth $102.5 million while retaining 2.629 million HYPE, valued at $110.4 million.
On September 25, this whale sold 767,000 HYPE worth $32 million in net sell pressure over five hours, offloading approximately 48.15% of holdings.
Another early whale holding over 2 million HYPE sold 201,900 tokens worth $8.93 million in two hours on September 24, moving funds from Hyperliquid to Aster.
The whale retains 1.8 million HYPE valued at $80 million.
A separate whale wallet sold 67,006 HYPE for $3.82 million on September 12, bringing total profits to over $57 million after purchasing 1.26 million tokens at $7.52 average.
One whale identified as 0xa523 lost over $40 million in less than a month through failed trading strategies.
The trader previously sold 886,287 HYPE for $39.66 million at a loss, which would now represent an unrealized gain of nearly $9 million.
Additional losses included over $35 million on an Ethereum long position, $614,000 on an Ethereum short, and $2.33 million on a current Bitcoin short position.
Influential trader James Wynn opened a leveraged short position on HYPE at $45.25, citing Aster’s rapid growth and the November token unlock as downward pressures.
Wynn stated he expects “lower, much lower” prices for HYPE as Aster gains market share with support from crypto communities.
Aster DEX has overtaken Hyperliquid in seven-day trading volume and daily fees, generating over $25 million in the last 24 hours as of September 30.
The platform’s innovative features include hidden orders and a PvE trading model that attract users seeking alternatives to Hyperliquid.
Reports also suggest CCZ holds more than $100 million worth of ASTER tokens in his personal wallet, though this remains unconfirmed.
Despite the selling pressure, HYPE remains up over 660% since launch.
However, due to whale exits, competing platform growth, and looming token unlocks, it is unclear what the next trajectory of Hyperliquid will be as it heads into the fourth quarter.
