Andrew Tate moved 20,950 HYPE tokens worth approximately $1.87 million to Binance on October 3, according to on-chain data highlighted by Lookonchain. The transfer occurred while Hyperliquid's token traded near $87.87, down about 2.7% over the preceding 24 hours.
The wallet tracked by Lookonchain originally acquired 122,827 HYPE for roughly $550,000, placing the average purchase price near $4.48 per token. That position now shows an estimated profit of $7.24 million, a return of about 1,317%. After the deposit, the wallet still held 63,550 HYPE, and the transfer itself did not confirm a sale; tokens can be held on an exchange, used as collateral, or later sold.
Market data showed HYPE has been volatile within a recent range. It traded near $86.05 on September 29, recovered above $90, and then failed to hold the $91 to $92 area. The latest slip left the token below the low-$90 level, with immediate support in the mid-$80 range and resistance around $91–$92.
Meanwhile, Hyperliquid's protocol design continues to create demand for HYPE through automated buybacks. Protocol documentation states that eligible trading-fee proceeds are converted into HYPE via the Assistance Fund and then permanently burned. On October 3, HL Eco data showed 14.58 million USDC awaiting transfer to the Assistance Fund from Hyperliquid's reserve-yield framework. The platform has said annualized fees exceeded $1 billion, tying activity directly to token demand.
Interpretations of Tate's deposit remain cautious. Binance deposits place tokens closer to centralized exchange liquidity without revealing intent, so the move may be viewed as potential supply pressure rather than an outright sell signal.
