Hyperliquid [HYPE] came under selling pressure as market-wide weakness followed lower-than-expected Consumer Price Index data. The token breached its $80 support level, falling to $78 before recovering to trade around $79, down 1.7% over the previous day.
Despite the downward momentum, a major whale staked over $100 million in HYPE. According to Onchain Lens, three wallets linked to one whale staked 1.255 million HYPE tokens worth approximately $100.43 million. The move reflected a decision to lock tokens in staking rather than keep them available for immediate sale.
The whale was not alone in this strategy. Hyperscreener data showed over 439.9 million HYPE staked across the network, representing roughly 44% of total supply and worth $35.2 billion. Average daily staking activity stood at approximately 120,000 HYPE.
Staking activity coincided with token outflows from spot trading venues. Spot exchange netflows stood at approximately -$2.4 million at press time, compared with -$11 million the previous day, indicating that withdrawals continued but at a reduced pace.
Derivatives Markets Remain Bearish
Despite increased staking, derivatives markets continued to exert downward pressure on the token. Over the previous day, Hyperliquid recorded $673.4 million in futures outflows against $592 million in inflows, resulting in a net outflow of $80 million.
On perpetuals markets, particularly Binance, sell volume reached 2.02 million HYPE with net buying at -3.5 million, indicating elevated selling activity relative to buying.
Technical Outlook
The Relative Strength Index fell into bearish territory at 39, suggesting sustained weakness could persist. Market observers noted that while staking activity may help reduce immediately available supply, it has not been sufficient to counter the selling pressure from derivatives markets.
