On July 24, 2026, two separate reports from onchain analytics platforms identified massive staking movements in Hyperliquid’s native token HYPE, collectively worth over $260 million. The actions, likely carried out by two distinct whales or institutions, have drawn attention to growing conviction in the decentralized exchange (DEX) platform while also sparking debates about network centralization.
First, Onchain Lens flagged a cluster of eight cryptocurrency addresses that staked 1.49 million HYPE tokens, valued at approximately $88.2 million. All eight wallets had withdrawn the tokens from exchange Bybit before immediately staking them—a pattern indicating a single controlling entity. Notably, these same addresses had made similar withdrawals from Bybit roughly nine months prior, pointing to a long-term accumulation strategy.
Second, Lookonchain reported that a whale staked 2.93 million HYPE across 19 wallets, worth around $172 million. The tokens were accumulated nine months ago at an average price of $44 per HYPE, now representing a profit of about $44.5 million. This entity’s staking injected significant liquidity into Hyperliquid and may influence trading dynamics as other investors take note.
Hyperliquid’s HYPE token is used for staking, transaction fees, and governance. Staking locks up supply, often a bullish signal, but the concentration of power in a few hands could challenge the decentralized ethos. While the community’s reaction has been mixed—with some hailing it as a vote of confidence and others warning of centralization—the price of HYPE remained relatively stable around $59.
These staking events come on the heels of Bitwise’s recent ETF filing for HYPE, adding to the token’s growing institutional profile. Overall, the moves demonstrate deep-pocketed investors’ belief in Hyperliquid’s long-term viability, though market participants will closely monitor wallet activities for any further shifts.
