Hyperliquid’s HYPE Whales Unstake Millions as Protocol Revenue Surpasses $1.21 Billion
Large holders of Hyperliquid’s native token, HYPE, have unstaked millions of tokens in recent days, according to on-chain data, even as the protocol’s cumulative revenue crossed the $1.21 billion mark. The movement, tracked by blockchain analytics platforms, signals a potential shift in sentiment among the token’s biggest investors.
On-chain data from Hyperliquid’s block explorer shows that several whale wallets have unstaked sums ranging from 100,000 to over 1 million HYPE in the past week. While unstaking does not necessarily mean an immediate sale, it is a prerequisite for transferring or selling tokens, and the timing has drawn attention from traders.
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Record Revenue and What It Means for HYPE
Hyperliquid’s cumulative protocol revenue has now surpassed $1.21 billion, driven by trading fees on its perpetual futures exchange. This milestone underscores the platform’s position as one of the most active venues in the decentralized derivatives space, with daily trading volumes often exceeding $2 billion.
The revenue figure is a key metric for HYPE holders because the protocol has a buyback-and-burn mechanism that uses a portion of fees to repurchase HYPE from the open market. This mechanism is designed to reduce supply and potentially support the token’s price over time. However, the recent whale unstaking activity introduces a counterbalancing force: the potential for increased sell-side pressure.
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Whale Activity: A Cautionary Signal or Normal Profit-Taking?
Whale unstaking is often interpreted as a bearish signal, as it can precede large sell orders. In HYPE’s case, the tokens moved in the last 48 hours represent a significant fraction of the token’s daily trading volume, which could amplify price swings.
Yet not all analysts view this as a negative. “Whales often move tokens for reasons beyond selling, such as participating in new liquidity pools or securing better yields,” noted a DeFi researcher who asked to remain anonymous. “The key is to watch whether these tokens are transferred to exchanges or kept in cold storage.”
At the time of writing, HYPE is trading at $24.50, down 4% over the past 24 hours, according to CoinGecko data. The token has been volatile since its launch in late 2024, peaking above $40 in March 2025 before a broader market correction.
What to Watch Next
Traders are now monitoring exchange inflows for HYPE. If the unstaked tokens move to centralized exchanges like Binance or OKX, it could signal an imminent sell-off. Conversely, if they remain in self-custody wallets, the market may interpret the move as strategic repositioning rather than a bearish indicator.
Hyperliquid’s continued revenue growth, alongside any potential token buybacks, will be significant in determining whether HYPE can absorb selling pressure from whales. The protocol’s next major upgrade, which is expected to expand its ecosystem, could also influence sentiment.
For now, the market is in a wait-and-see mode, with the whale unstaking activity serving as a reminder that even high-revenue protocols are not immune to the actions of their largest stakeholders.
