The whale started withdrawing their HYPE tokens after nine months of holding, with an unrealized profit of about $90 million.
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 were acquired for about $12 per token.
The whale was sitting on around $90 million of unrealized profit nine months after buying the tokens and is likely “selling for profit,” according to blockchain data platform Lookonchain.
