A significant Hyperliquid (HYPE) whale, identified as wallet "0x316f", withdrew $122 million worth of HYPE tokens on Monday, according to blockchain data platform Lookonchain. The whale had acquired the tokens nine months prior at approximately $12 per token and was sitting on around $90 million in unrealized profit, suggesting a profit-taking move.
This withdrawal aligns with BitMEX co-founder Arthur Hayes selling all his HYPE tokens, which he disclosed was to pay a deposit for a new Ferrari. Hayes' family office fund, Maelstrom, published research on Monday describing the upcoming token vesting schedule as a "Sword of Damocles" moment for HYPE. The vesting will begin on November 29, 2025, unlocking 237.8 million HYPE tokens (23.8% of the total supply allocated to core contributors) linearly over 24 months, valued at about $11.9 billion at current prices.
Maelstrom researcher Lukas Ruppert estimated this could introduce a monthly supply overhang of $410 million after buybacks absorb only 17%, potentially testing the token's resilience. Meanwhile, HYPE's price fell 7.9% over the past week to $49.34, despite hitting an all-time high of $59.29 recently. Some whales are shifting to competitor Aster, which saw a 1,700% price surge.
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