Hyperliquid’s native token HYPE falls 12% over the past 24 hours amid massive profit-taking. On-chain data revealed that a wallet linked to venture capital giant a16z has started selling a major portion of its holdings.
a16z Wallet Sells 437K Hyperliquid Tokens amid Massive Profit Booking
An a16z-linked wallet known for massive accumulation of HYPE has started selling its holdings, Lookonchain reported on July 17. The wallet has deposited almost 437,000 HYPE tokens, valued at around $28.38 million.
Over the past 2 days, the wallet has dumped its HYPE holdings into Hyperliquid, OKX, Bybit, and Gate crypto exchanges. The selling coincided with massive profit-taking suffered by Hyperliquid.
Spot On Chain revealed another suspected a16z wallet moved $30.57 million to crypto exchanges. The two wallets have dumped $59 million in HYPE over the last 24 hours.
Coinglass data showed $19 million in HYPE long positions liquidated over the past 24 hours. This comes amid broader selling pressure in the crypto market due to new US strikes on Iran and crypto options expiry today.
The crypto market saw nearly $400 million in liquidations over the past 24 hours. Over 100K traders are liquidated, with the largest single liquidation order of ETHUSDT worth $6.24 million on Binance.
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HYPE Price Crashes 12%
HYPE price fell almost 12% in the past 24 hours, with the price currently trading at $59.46. The 24-hour low and high are $58.51 and $66.07, respectively. Furthermore, the trading volume has increased by 40% over the last 24 hours, as traders join Hyperliquid profit booking .
Meanwhile, Robinhood Chain overtook Hyperliquid in 24-hour decentralized exchange (DEX) volume, with more than $606 million. Robinhood Chain has recorded massive demand amid RWA, DeFi, and CASHCAT buzz. In the last 7 days, the new chain recorded $5.29 billion in DEX volume, while Hyperliquid saw $1.48 billion in volume.
Ched Trading noted profit-booking in Hyperliquid after it fell below the EMA-8 on the weekly chart. The price could fall further towards $55 if it fails to hold.
Derivatives markets record massive selling, as per CoinGlass data. The total HYPE futures open interest fell more than 8% to $2.55 billion in the last 24 hours. HYPE futures OI on Binance tumbled 13% and 12% on Bybit, signaling bearish sentiment among derivatives traders.
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