The whale started withdrawing their HYPE tokens after nine months of holding, with an unrealized profit of about $90 million.
Update Sept. 22, 1:31 p.m. UTC: This article has been updated to include quotes from Nicolai Sondergaard, research analyst at crypto intelligence platform Nansen.
Large cryptocurrency investors, or whales, are cashing out of Hyperliquid’s native token as concerns grow over an upcoming vesting schedule that could unleash about $11 billion worth of supply.
Whale wallet “0x316f” withdrew $122 million worth of Hyperliquid (HYPE) tokens on Monday, which had been acquired for about $12 per token.
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