Crypto News: $90M in HYPE Tokens Moved as Hyperliquid Rises in Network Rankings

Hyperliquid moves $90M in HYPE tokens as it leads all blockchains with $2M in daily network fees and rising trading volume.

A large wallet linked to the Hyperliquid team moved $90 million worth of HYPE tokens from staking to a spot wallet, drawing attention across the crypto trading space. 

This transfer occurred at a time when the network recorded $2 million in daily fees, surpassing Ethereum, Solana, and Bitcoin in fee generation. The movement, confirmed by blockchain tracker HypurrScan, involved 2.6 million HYPE tokens and raised questions about liquidity planning and internal treasury activity.

Large Token Transfer from Team Wallet Triggers Market Attention

At 12:32 UTC+8, HypurrScan recorded a transaction from a Hyperliquid-linked wallet, moving 2.6 million HYPE tokens valued at $90 million. This wallet remains one of the largest holders, still holding over 240 million staked HYPE valued above $8.3 billion. 

The timing and size of the transaction raised discussions among traders and analysts about the team’s motives.

Many in the community debated whether the movement was part of a liquidity preparation strategy. Some observers noted that no exchange deposits followed the transfer, which could mean it was an internal shift. 

Others remained cautious, recalling recent disruptions, including the $4.9 million loss due to a Popcat whale exploit.

The transaction follows previous concerns when the platform paused withdrawals and deposits during a protocol incident. Although no selling has been confirmed, the event drew close watch due to Hyperliquid’s history and the size of the wallet involved.

Hyperliquid Becomes Top Chain in Fee Revenue

According to Artemis, Hyperliquid recorded the highest network fees across all monitored blockchains in the last 24 hours. 

The network earned $2 million in that period, surpassing leading chains like Ethereum, BNB Chain, Solana, and Bitcoin. This rise shows growing activity across Hyperliquid’s trading infrastructure.

This growth coincided with increased user participation and market activity across the platform. Fee generation is often seen as a sign of usage strength, and the data places Hyperliquid at the top of the leaderboard. The increase may be linked to rising leveraged trading and more active derivative markets.

Network stability remains a focus as large token transfers continue. Despite past events, the network has shown signs of recovery and traction, especially in fee growth and trading activity.

Related Reading: Whale Deposits $7M into Hyperliquid for BTC and XRP Shorts

Trading Volume and Derivatives Surge on Hyperliquid

Coinglass reported that Hyperliquid saw a 45% increase in derivatives volume, reaching $1.61 billion in daily trades.

Open interest also rose over 4%, bringing the total to $1.48 billion. These numbers show growing trader interest and expectations of upcoming price moves.

The rise in trading activity happened alongside general market volatility.

HYPE’s price moved slightly to just under $34.50 over the last 24 hours, although it saw a decline over the past month. Some market watchers have pointed to a possible listing on Robinhood as a factor driving speculation.

As Hyperliquid gains traction, other trading platforms are also growing. Competitor Lighter raised $68 million at a $1.5 billion valuation. The competitive environment may continue to push trading platforms like Hyperliquid to expand and attract more volume.

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