Hyperliquid (HYPE) has traded within a descending channel since facing rejection at $72 three weeks ago. All attempted rebounds have failed, reflecting sustained bearish pressure. As of this writing, HYPE traded around $54, up 0.65% on the day but down 7.3% weekly. The downtrend has been driven by rising sell pressure from major investors, with one whale unstaking $57.6 million worth of HYPE and depositing it into exchanges FalconX and Coinbase Prime. The same whale also unstaked an additional $105.9 million, though those tokens had not reached exchanges. Unstaking activity has surged, with pending unstakes doubling to 9.1 million HYPE, worth $496.6 million, signaling that long-term holders are reducing exposure.
As Hyperliquid’s downtrend continued, some whales turned bearish and started selling. According to Lookonchain, one whale returned to the market and unstaked its HYPE holdings, depositing 1.02 million HYPE, worth $57.6 million, into FalconX and Coinbase Prime. The investor purchased these tokens 17 months ago at an average price of $18, carrying more than $39 million in unrealized profit before any confirmed sale.
The whale also unstaked 1.89 million HYPE, worth $105.9 million, from another wallet. The decision could reflect skepticism or asset reorganization, though unstaking alone does not confirm an immediate sale. The second tranche had not been deposited into any exchange at press time.
Unstaking has become increasingly common among individual and institutional investors. A week ago, 4.09 million HYPE worth $241 million was pending unstaking; that figure has since more than doubled to 9.1 million HYPE worth $496.6 million. Total Staked HYPE dropped from 438.7 million to 435.9 million, suggesting some long-term holders are reducing their exposure.
Investors were either selling unstaked HYPE or waiting after unstaking, adding uncertainty around future supply. As a result, the Aroon Down line climbed to 92%, while the Aroon Up line declined to 28%, indicating that HYPE formed lower lows more frequently than higher highs. The Relative Strength Index also dropped deeper into bearish territory, reinforcing the weakness. If selling pressure persists, Hyperliquid may drop toward the next support at $52.
