- Over the course of a day, High Stakes Capital sold 602,421 HYPE tokens for about $22.9 million in USD Coin.
- The average transaction price was around $38, and the last sale of 152,421 tokens brought in about $6 million.
- The sale comes at a time when companies are building up HYPE using a corporate treasury method that is similar to Strategy's Bitcoin model.
High Stakes Capital, a well-known cryptocurrency investment firm and "whale" wallet known for its risky, high-reward trading strategies, sold all of its Hyperliquid (HYPE) holdings in the last 24 hours.
The data showed that 602,421 HYPE tokens were sold for about $22.94 million in USD Coin (USDC), with an average price of $38.08. The last deal was the sale of 152,421 tokens, which brought in about $5.82 million and finished the liquidation. Onchain Lens, an on-chain analytics platform, drew attention to this on Tuesday.
Source: @OnchainLens/x
On-chain trackers have already seen a lot of trading activity at this address in the crypto markets. During the FTX era, the company became famous for always being at the top of the PnL (Profit and Loss) leaderboards, as per reports. It is still going strong on sites like Bybit and Hyperliquid.
Hype was worth $39, up 3.3% in the last 24 hours. Over the past day, the retail sentiment around Hype moved from "neutral" to "bearish,” as chatter levels around it remained ‘high’ over the past day.
Treasury Strategy Drives Institutional Demand For Hype
The sale came at a time when businesses connected to Hyperliquid's ecosystem were using a corporate treasury strategy similar to that used by Strategy (MSTR) in the Bitcoin (BTC) markets.
Hyperliquid's annual report also stated that Hyperion DeFi (HYPD) and Hyperliquid Strategies (PURR), both listed on Nasdaq, own about 7% of HYPE's circulating supply. These companies use HYPE as part of their treasury, allowing public market investors to buy the token through listed equity.
On Tuesday, Hyperion DeFi, Inc. (HYPD) also said that it has signed a HYPE Asset Use Service (HAUS) agreement with Silhouette, a new shielded trading platform made for Hyperliquid. Hyperion said it will let Silhouette use staked HYPE. This will allow users from all over the world to pay much lower transaction fees when using Hyperliquid's platform to trade.
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