Hyperliquid (HYPE) Declines 5% Amid Whale Sell-Off Concerns

Hyperliquid (HYPE) has fallen to approximately $90 following a recent all-time high of nearly $100. Analytics platform Lookonchain reported significant HYPE transfers to exchanges by large holders, including a $16 million deposit to OKX and Bybit by one whale and a $5.78 million dump by a wallet linked to Hypersphere Ventures. Additionally, BSCN reported that Multicoin transferred 4.23 million HYPE, valued at nearly $300 million, to Coinbase since late July. These movements have raised concerns about potential further price corrections due to increased market supply and the influence of whale activity on retail sentiment.