Hyperliquid’s $90.18M HYPE Token Shift from Staking to Spot: Whale Demand Meets Unlock Pressure
Introduction
In a significant on-chain move, the Hyperliquid team transferred 2.6 million HYPE tokens—valued at $90.18 million—from staking to spot wallets on November 30, 2025. This action, tracked by HypurrScan, signals potential preparation for market activity amid a period of attempted price recovery for the altcoin. At press time, HYPE was trading at $35.47, reflecting a slight 0.8% daily decline but maintaining a 7.03% weekly gain after successfully defending the $30 support level. The token’s resilience, however, now faces a dual challenge: the team’s token repositioning and a separate $344 million HYPE cliff unlock representing 2.66% of the circulating supply. While these developments introduce the possibility of selling pressure, steady whale accumulation and negative spot netflows suggest underlying demand may counterbalance bearish sentiment.
Hyperliquid’s $90.18M Token Transfer: Staking to Spot Explained
According to HypurrScan data, the Hyperliquid team moved 2.6 million HYPE tokens from staking contracts to spot wallets. This transfer, valued at $90.18 million, does not confirm an immediate sale but indicates intent or preparation for liquidity events. Teams often shift staked tokens to spot wallets to enable trading, OTC deals, or ecosystem funding. In this case, the Hyperliquid team retains 240 million staked HYPE worth $8.36 billion, underscoring the scale of their holdings relative to the transferred amount.
Such moves historically draw market scrutiny due to the potential for increased supply on exchanges. For context, large token movements by project teams or early investors have preceded volatility in assets like Solana (SOL) and Avalanche (AVAX), where similar staking-to-spot shifts correlated with short-term price corrections. The timing here is critical—HYPE had been testing higher highs after rebounding from $30, and this transfer introduces uncertainty into its recovery trajectory.
Cliff Unlocks Compound Market Concerns
Simultaneously, Hyperliquid executed a cliff unlock releasing $344 million worth of HYPE tokens, equivalent to 2.66% of its circulating supply. Cliff unlocks, unlike gradual vesting schedules, inject large volumes of tokens into the market at once, often exacerbating selling pressure. Data from Tokenomist confirms this event, highlighting its potential impact on HYPE’s liquidity and price stability.
Comparatively, cliff unlocks have previously influenced altcoin performance. For example, in 2024, projects like Aptos (APT) and Arbitrum (ARB) experienced temporary price declines following major unlock events, though recovery patterns varied based on market demand and token utility. In Hyperliquid’s case, the combined effect of the $90.18 million token transfer and $344 million unlock creates a supply-side overhang that could test buyer resilience.
Whale Activity Absorbs Selling Pressure
Despite these developments, demand—particularly from whales—has remained robust. CryptoQuant’s Spot Average Order Size metric recorded large whale orders for seven consecutive days, indicating sustained accumulation. Additionally, CoinGlass data shows HYPE’s spot netflow hit a monthly low of -$7.87 million, reflecting heightened exchange outflows as buyers withdraw tokens to cold storage or private wallets.
Negative netflows typically signal investor confidence, as reduced exchange balances lower immediate selling liquidity. This trend aligns with historical patterns where whale accumulation during supply surges helped stabilize assets like Ethereum (ETH) during its early proof-of-stake transitions. For HYPE, whale activity appears to be offsetting potential downside risks, with netflows remaining negative for three consecutive days post-unlock.
Technical Indicators Signal Gradual Momentum Shift
On-chain and technical metrics suggest buyers are slowly regaining control. AMBCrypto reports that Hyperliquid’s Sequential Pattern Strength rose for three consecutive days, reaching 13.6 at press time—a level indicating strengthening upward momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) flipped its signal line, turning the histogram positive. These shifts often precede bullish phases, as observed in HYPE’s rebound from $29 following a drop in big whale orders.
The MACD’s bullish crossover and rising pattern strength mirror setups seen in prior HYPE recoveries, such as its climb from $25 to $40 in Q3 2025. If demand persists, particularly from whales, these indicators support a retest of the $40 resistance level and a potential push toward $43.
Strategic Outlook: Balancing Risks and Opportunities
Hyperliquid’s token transfer and cliff unlock present clear near-term risks. Should the team or unlocked token holders initiate sales, HYPE could retreat to the $32 support zone. However, current whale behavior and technical alignment suggest the altcoin is positioned to absorb this pressure and capitalize on recovering momentum.
Market participants should monitor two key factors: first, exchange inflow data from platforms like Binance or Hyperliquid’s native exchange, which would signal actual selling; and second, whale wallet activity via Etherscan or HypurrScan to gauge whether accumulation continues. Historically, assets with strong institutional or whale backing—such as Bitcoin (BTC) during its 2023 consolidation—have weathered similar supply expansions.
Conclusion
Hyperliquid’s repositioning of $90.18 million in HYPE tokens and its concurrent $344 million cliff unlock highlight the delicate balance between supply expansion and demand dynamics in crypto markets. While these events introduce potential selling pressure, steady whale accumulation and improving technical indicators provide a countervailing force. The altcoin’s ability to hold above $30 and exhibit negative netflows underscores underlying strength.
For investors, the situation underscores the importance of tracking on-chain metrics alongside price action. As Hyperliquid navigates this pivotal phase, its response could offer broader insights into how high-supply events impact altcoins with robust ecosystem support. Watch for sustained whale demand and MACD momentum to validate a run toward $40—or for exchange inflows to signal the dominance of unlock-driven selling.