The crypto market witnesses tens of millions in cashing out: A mysterious whale liquidates HYPE tokens, profiting over ten million dollars in a single transaction
On May 29, a significant trading event occurred in the cryptocurrency market. According to on-chain monitoring platform Lookonchain, a whale investor marked by the address 0x7E4E completed a large transaction six hours ago: liquidating all 276,747 HYPE tokens it held at a unit price of $34.47, with a total transaction amount reaching $9.54 million. After the transaction, the account withdrew all funds from the trading platform Hyperliquid. Notably, the cumulative profit of this investor on the Hyperliquid platform has exceeded $10 million.
The liquidity of tokens like HYPE is highly concentrated, and the liquidation behavior of large holders may have a significant impact on market prices. The market is currently focusing on whether this transaction will trigger selling pressure for HYPE tokens and the adjustment of holding strategies by other investors on the Hyperliquid platform.
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