Hyperliquid Whales Just Sold $22 Million. Who Is Buying HYPE Below Its $94 High?
Two Hyperliquid whales just pushed $22 million toward the exits, yet HYPE keeps trading near $88 with surprisingly stubborn demand. Figuring out who is absorbing that pressure reveals something unexpected about where the market actually stands.
On September 28, 2026, two major Hyperliquid (CRYPTO: HYPE) whales moved approximately $22 million worth of HYPE toward the market. One wallet transferred 177,518 HYPE, valued at about $16.1 million, to OKX and Bybit. Meanwhile, a second wallet—linked to Hypersphere Ventures by blockchain tracker Lookonchain—sold 62,869 HYPE for roughly $5.8 million, netting a profit of around $2.1 million.
As of September 28, HYPE trades around $88, down about 4% for the day and 5.5% over the week, and about 7% below its all-time high of $94. However, the token has gained about 6% over the past month. With significant sales happening, it raises the question: Who are the buyers stepping in on the other side of these transactions below $94?
Only $5.8 Million of the $22 Million Is a Confirmed Sale
Lookonchain closely monitors larger wallets across public blockchains and reports notable coin movements. While its alert about the $16.1 million indicates HYPE being transferred to OKX and Bybit, it does not confirm a completed sale. Wallets often move coins to exchanges for various reasons, including posting them as loan collateral, trading futures, or transferring them to market makers.
In contrast, the Hypersphere transaction offers more clarity. This wallet purchased HYPE about a month prior at around $58 per token and sold near $92. This suggests an early holder took a profitable 58% return near the peak, signaling profit-taking rather than a mass exit. Lookonchain assigns wallet ownership based on funding origins and trading habits, making Hypersphere a probable owner rather than a confirmed one.
To better understand the significance of this $22 million shift, it’s essential to look at HYPE’s overall market. With a market value of roughly $30 billion, the combined movement from both wallets constitutes less than 0.1% of this value.
Hyperliquid Funds Have Seen $14 Million in Net Outflows Since September 4
In the U.S., Hyperliquid funds are the only named buyers tracked in this scenario, and they have declined. Their cumulative inflow—the total of new investment since launch—peaked at $356.6 million on September 4 but has since dropped to $342.5 million, per SoSoValue. This indicates that investors have pulled out about $14 million more than what was added during this period, as previously discussed regarding changes surrounding Hyperliquid ETFs.
Currently, these funds’ total net assets stand at about $502 million. This figure fluctuates with HYPE’s price, reflecting the value of the HYPE tokens they hold, not necessarily indicating new purchases. A falling price could decrease this value, even if all investors remain.
Recent selling trends from early backers add to the narrative. Multicoin sold HYPE during a period of increased demand earlier this month, suggesting that Hypersphere’s sale follows an established pattern rather than creating a new one.
Binance Listed Hyperliquid, but HYPE Fell 4.5%
On September 24, Binance opened new trading avenues by launching three HYPE spot pairs. However, the listing came with a “Seed Tag,” which signals newer, higher-risk tokens, and HYPE’s price fell 4.5%. Typically, holders use new listings to sell into fresh liquidity, and this selling can overshadow new buyers in the early days after a listing.
Moreover, most transactions on Binance, OKX, and Bybit remain unseen by wallet trackers. These exchanges match buyers and sellers within their internal order books, meaning those trades never show on the blockchain. Lookonchain can see a whale transferring coins to an exchange, but it can’t see who buys those coins.
Who Is Buying HYPE Below Its $94 High?
Individuals buying HYPE below $94 are likely traders operating within exchange order books, not funds. Since September 4, the funds have seen net outflows, and the recent Binance listing was accompanied by a price drop. Despite this, anonymous buyers have kept HYPE around $88 and driven its value up about 6% over the past month.
However, this demand could vanish as quickly as it appeared, since wallet trackers cannot provide visibility into these transactions. Two indicators could signify a return of visible buyers: a climb in fund inflows back above $356.6 million and a breakthrough of the $94 record price, approximately 7% higher. Until such signals appear, Hyperliquid whales will continue to sell into unseen market demand.
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Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing
