Hyperliquid Moves $90M HYPE as Network Leads in Daily Blockchain Fees

TLDR

• Hyperliquid team wallet moved 2.6M HYPE tokens worth $90M from staking to spot.
• The wallet still holds over 240M staked HYPE valued at $8.3B.
• Hyperliquid recorded $2M in network fees in 24 hours, leading all chains.
• HYPE trading volume rose 45%, with open interest reaching $1.48B.

Hyperliquid team has moved $90 million worth of HYPE tokens from staking to spot, triggering renewed attention from traders and analysts. The transaction comes at a time when Hyperliquid has emerged as the top blockchain by daily network fees, recording $2 million in just 24 hours. With growing derivatives activity and rising leverage, the move has sparked fresh debate around treasury strategy and network liquidity stability.

Team Wallet Transfers $90M HYPE from Staking to Spot

On-chain data showed that a Hyperliquid team-linked wallet moved 2.6 million HYPE tokens worth $90 million from staking to spot. The transaction, recorded at 12:32 UTC+8, was flagged by blockchain explorer HypurrScan. The address involved remains one of the largest on the network, holding over 240 million staked HYPE valued at approximately $8.3 billion.

The transaction sparked discussion among traders and analysts. Some suggested the move might be to enhance liquidity on the platform, while others viewed it as a strategic balance adjustment. Despite the transfer, the majority of tokens remain staked, suggesting a continued long-term commitment by the team.

Recent network challenges have made users more watchful of token movements. Earlier this year, Hyperliquid suspended withdrawals and deposits following a $4.9 million loss due to a Popcat whale exploit. As a result, transactions linked to team wallets now receive increased scrutiny from the community.

Hyperliquid Becomes Top Blockchain by Daily Fees

Data from Artemis showed that Hyperliquid led all major blockchains in network fees, collecting $2 million in just 24 hours. The platform outperformed Ethereum, Solana, Tron, BNB Chain, and Bitcoin in revenue earned during that period.

This milestone indicates a sharp rise in network usage and demand for Hyperliquid’s trading infrastructure. Increased fees typically correlate with heightened on-chain activity and strong user engagement. Traders are actively using the network despite recent volatility in the token’s price.

TradingView data showed HYPE priced at just under $34.50 with a minor daily increase. Weekly gains were small, but the token has seen a dip over the month, reflecting cautious sentiment in the broader crypto market.

Trading Volume and Leverage Continue to Rise

Derivatives data from Coinglass indicated a surge in trader activity. Trading volume increased by 45%, reaching $1.61 billion. Open interest also grew by 4%, totaling $1.48 billion, showing that traders expect price movement in the near term.

The rise in leverage suggests more speculative positioning by users. High open interest can indicate potential volatility, especially if large positions unwind quickly. Analysts noted this increase comes amid rising competition in the space, particularly after rival perpetual platform Lighter raised $68 million at a $1.5 billion valuation.

With higher fees and increased user activity, Hyperliquid appears to be maintaining momentum despite ongoing market fluctuations.

Community Monitors Treasury Activity Closely

The $90 million transfer drew attention partly due to its scale and association with a team wallet. Though there is no indication of selling, community concern remains due to past incidents involving liquidity risks.

Most observers agreed that the large volume still held in staking by the same wallet shows continued commitment by the team. “There is no indication of liquidation or exit behavior,” noted one trader on social media.

Still, the combination of increased trading volume, higher leverage, and active treasury management has kept the ecosystem under close watch from investors and analysts.

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