Hyperliquid Team Moves $90M HYPE as Network Becomes Top Fee Chain

Hyperliquid logged another major on-chain development today after a team-linked wallet shifted $90 million worth of HYPE from staking to spot. The address behind the movement remains one of the largest Hyperliquid wallets and still holds more than 240 million staked HYPE valued above $8.3 billion.

$90 Million HYPE Transfer Sparks Community Debate

The transfer involved 2.6 million tokens and was detected by HypurrScan at 12:32 UTC+8. Hence, possible treasury activity and liquidity adjustments within the protocol became the focus of discussion due to the size of the transfer.

The large wallet shift raised questions around Hyperliquid’s treasury activity.

Some traders said the move was a liquidity preparation step by the team. However, some claimed that it was merely an inward balancing move as opposed to selling.

More than 240 million staked HYPE is still in the wallet. This indicates that the team is still determined to keep its positions over the long-term which will encourage network stability.

Previous incidents have caused the community to be cautious. Hyperliquid recently suspended withdrawals and deposits due to a $4.9 million pool loss when there was a Popcat whale exploit. That’s why traders are particularly sensitive to big movements which involve team-linked wallets.

This was happening as Hyperliquid was recording positive network metrics. New information by Artemis indicated that the chain was the first of all the monitored chains in terms of revenue earned in the last twenty-four hours.

Hyperliquid tops with $2 million network fee

HYPE Price Shows Mixed Market Reaction

Hyperliquid earned approximately $2 million in network fees, which is higher than Tron, Solana, Ethereum, BNB Chain, and Bitcoin. The increase in fee earnings is proof of growing demand for the network’s infrastructure in terms of trading. It is also a sign that users continue to be engaged with this ecosystem.

Meanwhile, the market conditions surrounding the token were relatively active. TradingView data pegged its price to just under $34.50 after slight gains in the last twenty-fours. Analysts wonder whether HYPE might reach $50 after being listed on Robinhood.

The token recorded a small weekly increase but a decline in the last month and is a reflection of the wider market volatility in the sector. The price action is a reflection of caution among traders.

Rise in Derivatives Indicates Active Trader Participation

Derivatives information provided additional clarity to the positioning of the traders. Coinglass noted a 45% increase in trading volume with total activity rising to $1.61 billion. The open interest increased by over 4% to $1.48 billion.

The various events on this platform are happening after competitor perp platform Lighter raised $68 million recently at a valuation of $1.5 billion. It represents a sign of improving the competition in the industry.

This rise in HYPE leverage is now an indication that the traders are anticipating significant price swings. The increase in open interest also suggests that the move could result in short-term opportunities as against a sell pressure.

Source: https://coingape.com/hyperliquid-moves-90m-hype-as-network-tops-fee-chain/