The cryptocurrency HYPE saw its recent explosive price rally slow as large investors moved to secure profits. The token surged over 40% in a week to a new all-time high above $64, but on-chain data indicates some whales are now selling. One wallet sold over $9 million worth of HYPE and placed additional sell orders exceeding $10 million.
The price of HYPE slowed its rally today following a parabolic move that saw it gain 40% over the past seven days. The token reached a new all-time high above $64 before momentum appeared to wane.
This rally added billions to the total market capitalization of Hyperliquid. The surge was fueled by significant trading volume and massive investor interest across the market.
Some large holders are now choosing to take profits rather than chase further gains. On-chain analytics flagged a wallet that sold 151,574 HYPE, worth approximately $9.25 million.
The same trader also placed limit sell orders for an additional 170,000 HYPE. These orders, valued at around $10.6 million, are set between $63.45 and $70.55 per token.
At the time of reporting, HYPE ranks as the 11th-largest cryptocurrency by market cap at roughly $15 billion. It is this week’s best-performing large-cap altcoin and nears overtaking Dogecoin for the 10th position.
HYPE-based spot exchange-traded funds have also seen substantial inflows amid a generally declining market. They attracted over $70 million in assets under management while Bitcoin ETFs experienced outflows exceeding $1 billion.
