Hyperliquid whales push selling pressure, but THIS keeps HYPE stable

Hyperliquid, the leading decentralized perpetual trading protocol, is currently witnessing a battle between sellers and buyers, particularly between whales and retail traders.

Although market activity remains relatively subdued, with Hyperliquid [HYPE] down roughly 1% over the past 24 hours and trading around $42.50, broader sentiment still suggests the possibility of continued upside momentum.

Whale activity increases pressure on HYPE

Whale-driven pressure on HYPE has continued to build over the past few days. The latest wave of selling came from a  wallet identified as “Matrixport,” which sold 100,000 HYPE worth approximately $4.21 million during the early hours of the 8th of May.

The sell-off followed a previous transaction in which the same wallet also offloaded another 100,000 HYPE, reducing its holdings significantly to roughly 203,290 HYPE.

The broader trend has continued to intensify, with AMBCrypto previously reporting that HyperLab unstaked a large amount of HYPE valued at about $17.34 million on the 7th of May before transferring the tokens to exchanges including Bybit and OKX for potential selling activity.

Growing pressure from whales and large holders often weakens retail sentiment and triggers broader market uncertainty. However, that has not fully materialized in HYPE’s case, as retail demand has remained strong enough to stabilize price action.

Retail demand absorbs whale selling

Retail traders have continued to show strong buying activity, with Spot netflow data pointing to sustained buyer dominance in the market.

Over the past three days, Spot investors purchased approximately $131.13 million worth of HYPE, while sellers offloaded around $101.74 million during the same period.

This translates to a positive three-day netflow of nearly $29 million worth of HYPE absorbed from the market despite continued whale selling pressure.

Over the past 24 hours, Spot netflow has remained slightly positive, with buyers still maintaining control through an estimated net inflow of roughly $986,000.

Continued accumulation from Spot investors could strengthen the foundation for a longer-term rally. For now, HYPE’s broader structure remains tilted in favor of the bulls.

Hyperliquid records continued growth

Hyperliquid’s continued platform expansion and growing user activity suggest the market still remains structurally positioned for further upside.

According to data from The Block, Hyperliquid’s cumulative perpetual trading volume recently reached a new all-time high of $4.42 trillion, highlighting sustained user activity and strong market participation.

The growth comes as Hyperliquid’s Q1 report showed the platform generated approximately $192.5 million in profit. While impressive, the figure remains slightly below the roughly $255 million profit recorded in the previous quarter, according to DefiLlama data.

Since the beginning of Q2, Hyperliquid has already generated approximately $64.71 million in profit between the 1st of April and press time. The consistent profitability, despite weaker overall market conditions, continues to highlight the platform’s resilience and growing market presence.

Final Summary

• HYPE whales continue to push sell pressure into the market, but sustained retail accumulation has helped maintain price stability.
• Hyperliquid posted $192.5 million in profit for Q1, while cumulative perpetual trading volume climbed to $4.42 trillion.