Hyperliquid Whale Cashes Out $122M in HYPE Tokens Amid Vesting Concerns on 2025-09-22

By: crypto insight|2025/09/22 14:40:03

Imagine holding onto a massive stash of cryptocurrency for months, watching its value skyrocket like a rocket fueled by market hype, only to cash out right before a potential storm hits. That’s exactly what’s unfolding in the world of Hyperliquid, where a prominent whale has just pulled out $122 million worth of HYPE tokens, stirring up conversations about the platform’s future stability. This move comes after the investor held steady for nine months, pocketing an estimated $90 million in unrealized gains. It’s a classic tale of timing the market, reminiscent of selling stocks just as dividends are about to flood in—but in crypto, the stakes feel even higher.

As of today, 2025-09-22, with HYPE trading at around $45.12—a dip from its peak—these developments highlight the volatile dance between investor profits and looming supply pressures. This article was updated at 2:35 p.m. UTC to reflect the latest market shifts and insights from experts like Nicolai Sondergaard, a research analyst at crypto intelligence firm Nansen.

Major Whale Exit Sparks Sell-Off Fears in Hyperliquid’s HYPE Token Ecosystem

Big players in the crypto space, often called whales, are starting to liquidate their positions in Hyperliquid’s native HYPE tokens amid growing worries about an impending token unlock that could flood the market with roughly $11 billion in supply. Picture this: a whale known by the wallet address “0x316f” recently transferred out $122 million in HYPE tokens, originally snapped up at about $12 each. After nine months of patient holding, this investor was looking at $90 million in paper profits, and blockchain analytics from platforms like Lookonchain suggest this was a straightforward profit-taking maneuver.

The timing couldn’t be more intriguing. HYPE hit an all-time high of $59.29 last Thursday, but now faces a critical challenge in November when the first wave of team tokens starts vesting. Data from the Hyper Foundation shows that 23.8% of the total supply, earmarked for core contributors, will begin unlocking on November 29—a full year after the project’s launch. This phased release over 24 months could introduce around $11.9 billion worth of HYPE into circulation, creating what some liken to a “Sword of Damocles” hanging over the token’s value.

Vesting Schedule Looms as HYPE Token’s First Big Resilience Test

Think of token vesting like a dam gradually releasing water; it prevents a sudden flood but still risks overwhelming the river below. According to analysis from Maelstrom, the family office fund linked to BitMEX co-founder Arthur Hayes, this unlock will mean about $500 million in monthly supply hitting the market. Only around 17% of that might get soaked up by buybacks, leaving a hefty $410 million in potential overhang that could pressure prices downward. Researcher Lukas Ruppert from Maelstrom described it as the token’s inaugural real-world stress test, one that tests not just market mechanics but investor confidence.

Nicolai Sondergaard from Nansen echoes this sentiment, noting that while token unlocks often spark sell pressure unrelated to a project’s core strengths, not everyone dumps their holdings. Some hold firm to demonstrate belief in the ecosystem, much like loyal fans sticking with a sports team through a rough season. Backing this up, historical data from similar unlocks in other tokens shows mixed outcomes—some dip temporarily, while others rebound stronger, supported by community-driven demand.

In the broader landscape, institutional interest in crypto is surging, fueled by new treasuries and regulatory shifts like recent SEC reforms. This backdrop makes Hyperliquid’s situation a compelling case study, contrasting with projects that have weathered unlocks by leaning on robust fundamentals.

Arthur Hayes Dumps HYPE Holdings for Luxury Ride Ahead of Token Vesting

Adding fuel to the fire, Arthur Hayes himself offloaded his entire HYPE position recently, channeling the proceeds toward a flashy new purchase. He quipped about needing to cover the deposit on a Ferrari 849 Testarossa, a beast of a car priced up to $590,000. It’s a move that underscores how even crypto heavyweights pivot when unlocks approach, treating tokens like high-stakes poker chips.

Meanwhile, other whales seem to be migrating toward alternatives like Aster, a rising decentralized perpetuals exchange tied to Binance co-founder Changpeng Zhao. One wallet, “0x220,” scooped up $10.5 million in Aster tokens across two addresses, now sitting on over $6 million in unrealized gains. Over the past week alone, Aster’s token surged more than 1,700%, catapulting it to the fourth spot among top DEX tokens with a $2.5 billion market cap. In contrast, HYPE has slipped 7.9% to $49.34 as of recent trading data—though today’s 2025-09-22 figures show it at $45.12, reflecting ongoing volatility.

Brand Alignment Boosts Credibility in Volatile Crypto Markets

In this fast-paced crypto arena, aligning with reliable platforms can make all the difference for investors navigating whale moves and token unlocks. Take WEEX exchange, for instance—it’s carving out a reputation for seamless trading experiences that prioritize user security and efficiency. By offering low fees, advanced tools, and a commitment to transparency, WEEX stands as a trustworthy partner for those diving into tokens like HYPE or exploring emerging DEX options. This kind of brand strength not only builds long-term loyalty but also helps traders weather market storms with confidence, much like a sturdy ship in choppy waters.

Recent online buzz amplifies these dynamics. On Google, top searches related to this story include “What is Hyperliquid vesting schedule?” and “Arthur Hayes HYPE token sale impact,” with users hungry for insights on how unlocks affect prices. Over on Twitter (now X), discussions are heating up around #HYPEToken and #CryptoWhales, with posts from influencers debating if this signals a broader shift away from Hyperliquid toward rivals. The latest updates as of 2025-09-22 include a fresh Twitter thread from Arthur Hayes clarifying his exit wasn’t a vote of no confidence but a personal portfolio rebalance, alongside official Hyper Foundation announcements confirming the vesting timeline remains on track without delays. Community polls on X show 65% of respondents expecting short-term HYPE dips but long-term recovery, backed by on-chain data indicating steady user growth despite the whale outflows.

Comparatively, Hyperliquid’s setup shines when stacked against older DEXs—its innovative perpetuals trading model offers lower slippage and faster executions, akin to upgrading from a bicycle to a sports car in the race for market dominance. Real-world evidence from on-chain metrics supports this: even with recent sells, Hyperliquid’s daily trading volume has held strong at over $1 billion, outpacing many peers and proving its resilience amid hype and uncertainty.

As altcoin season whispers of a 2025 comeback, the rules of the game are evolving, with projects like Hyperliquid needing to prove their mettle beyond the initial buzz. It’s a reminder that in crypto, timing and fundamentals can turn whales into winners—or leave them swimming against the current.

FAQ

What is the Hyperliquid HYPE token vesting schedule and how might it impact prices?

The vesting begins on November 29, releasing 23.8% of the total supply over 24 months for core contributors, potentially adding $11.9 billion in tokens. This could create sell pressure, but historical data shows many tokens recover if fundamentals remain strong.

Why did the whale withdraw $122 million in HYPE tokens?

After holding for nine months with $90 million in unrealized profits, the whale likely cashed out for gains, as indicated by blockchain analytics, timing it with the token’s all-time high and ahead of vesting unlocks.

How does Arthur Hayes’ sale of HYPE tokens affect the market?

Hayes sold to fund a personal purchase like a Ferrari, but it highlights broader concerns about supply overhang. Market data shows HYPE dipping 7.9% recently, yet on-chain activity suggests the project could bounce back with sustained demand.

Web3 is currently restructuring the production relations of AI through a decentralized compute network and a crypto incentive system, with Reinforcement Learning's structural requirements for rollout sampling, reward signals, and verifiable training neatly aligning with the natural synergy of blockchain in compute collaboration, incentive distribution, and verifiable execution.

Coinbase Joins Prediction Market, AAVE Governance Dispute - What's the Overseas Crypto Community Talking About Today?

Publication Date: December 23, 2025Author: BlockBeats Editorial Team

Over the past 24 hours, the crypto market has shown strong momentum across multiple dimensions. The mainstream discussion has focused on Coinbase's official entry into the prediction market through the acquisition of The Clearing Company, as well as the intense controversy within the AAVE community regarding token incentives and governance rights.

In terms of ecosystem development, Solana has introduced the innovative Kora fee layer aimed at reducing user transaction costs; meanwhile, the Perp DEX competition has intensified, with the showdown between Hyperliquid and Lighter sparking widespread community discussion on the future of decentralized derivatives.

I. Mainstream Topics

1. Coinbase Acquires The Clearing Company, Officially Entering Prediction Market

This week, Coinbase announced the acquisition of The Clearing Company, marking another significant move to deepen its presence in this field after last week's announcement of launching a prediction market on its platform.

The Clearing Company's founder, Toni Gemayel, and the team will join Coinbase to jointly drive the development of the prediction market business.

Coinbase's Product Lead, Shan Aggarwal, stated that the growth of the prediction market is still in its early stages and predicts that 2026 will be the breakout year for this field.

The community has reacted positively to this, generally believing that Coinbase's entry will bring significant traffic and compliance advantages to the prediction market. However, this has also sparked discussions about the industry's competitive landscape.

Jai Bhavnani, Founder of Rivalry, commented that for startups, if their product model proves to be successful, industry giants like Coinbase have ample reason to replicate it.

This serves as a reminder to all entrepreneurs in the crypto space that they must build significant moats to withstand competition pressure from these giants.

2. Kalshi Launches Kalshi Research and Integrates BSC Network

Regulated prediction market platform Kalshi launched its research arm, Kalshi Research, this week, aimed at opening its internal data to the academic community and researchers to facilitate exploration of prediction market-related topics.

Its inaugural research report highlights Kalshi's outperformance in predicting inflation compared to Wall Street's traditional models. Kalshi co-founder Luana Lopes Lara commented that the power of prediction markets lies in the valuable data they generate, and it is now time to better utilize this data.

Meanwhile, Kalshi announced its support for the BNB Chain (BSC), allowing users to deposit and withdraw BNB and USDT via the BSC network.

This move is seen as a significant step for Kalshi to open its platform to a broader crypto user base, aiming to unlock access to the world's largest prediction market. Furthermore, Kalshi also revealed plans to host the first Prediction Market Summit in 2026 to further drive industry engagement and development.

3. AAVE Token Incentive Controversy Persists as Founders and Whales Increase Holdings Against the Market Trend

The AAVE community recently engaged in heated debates around an Aave Improvement Proposal (AIP) titled "AAVE Tokenomics Alignment Phase One - Ownership Governance," aiming to transfer ownership and control of the Aave brand from Aave Labs to Aave DAO.

Aave founder Stani Kulechov publicly stated his intention to vote against the proposal, believing it oversimplifies the complex legal and operational structure, potentially slowing down the development process of core products like Aave V4.

The community's reaction was polarized. Some criticized Stani for adopting a "double standard" in governance and questioned whether his team had siphoned off protocol revenue, while others supported his cautious stance, arguing that significant governance changes require more thorough discussion.

This controversy highlights the tension between the ideal of DAO governance in DeFi projects and the actual power held by core development teams.

Despite governance disputes putting pressure on the AAVE token price, on-chain data shows that Stani Kulechov himself has purchased millions of dollars' worth of AAVE in the past few hours.

Simultaneously, a whale address, 0xDDC4, which had been quiet for 6 months, once again spent 500 ETH (approximately $1.53 million) to purchase 9,629 AAVE tokens. Data indicates that this whale has accumulated nearly 40,000 AAVE over the past year but is currently in an unrealized loss position.

The founder and whale's increased holdings during market volatility were interpreted by some investors as a confidence signal in AAVE's long-term value.

4. Top Articles: DeFi Curators and Ethereum Annual Summary

In this week's top article, Morpho Labs' "Curator Explained" detailed the role of "curators" in DeFi.

The article likened curators to asset managers in traditional finance, who design, deploy, and manage on-chain vaults, providing users with a one-click diversified investment portfolio.

Unlike traditional fund managers, DeFi curators execute strategies automatically through non-custodial smart contracts, allowing users to maintain full control of their assets. The article offered a new perspective on the specialization and risk management in the DeFi space.

Another widely circulated article, "Ethereum 2025: From Experiment to Global Infrastructure," provided a comprehensive summary of Ethereum's development over the past year. The article noted that 2025 is a crucial year for Ethereum's transition from an experimental project to global financial infrastructure. Through the Pectra and Fusaka hard forks, Ethereum achieved significant reductions in account abstraction and transaction costs.

Furthermore, the SEC's clarification of Ethereum's "non-securities" nature and the launch of tokenized funds on the Ethereum mainnet by traditional financial giants like JPMorgan marked Ethereum's gaining recognition from mainstream institutions. The article suggested that whether it is the continued growth of DeFi, the thriving L2 ecosystem, or the integration with the AI field, Ethereum's vision as the "world computer" is gradually becoming a reality.

II. Mainstream Ecosystem Updates

1. Solana: Launches Kora Fee Layer and propAMM Data Research

The Solana Foundation engineering team released a fee layer solution called Kora this week.

Kora is a fee relayer and signatory node designed to provide the Solana ecosystem with a more flexible transaction fee payment method. Through Kora, users will be able to achieve gas-free transactions or choose to pay network fees using any stablecoin or SPL token. This innovation is seen as an important step in lowering the barrier of entry for new users and improving Solana network's availability.

Additionally, a deep research report on propAMM (proactive market maker) sparked community interest. The report's data analysis of propAMMs on Solana like HumidiFi indicated that Solana has achieved, or even surpassed, the level of transaction execution quality in traditional finance (TradFi) markets.

For example, on the SOL-USDC trading pair, HumidiFi is able to provide a highly competitive spread for large trades (0.4-1.6 bps), which is already better than the trading slippage of some mid-cap stocks in traditional markets.

Research suggests that propAMM is making the vision of the "Internet Capital Market" a reality, with Solana emerging as the prime venue for all of this to happen.

2. Perp DEX: Hyperliquid vs. Lighter Competition Intensifies

The competition in the perpetual contract DEX (Perp DEX) space is becoming increasingly heated.

In its latest official article, Hyperliquid has positioned its emerging competitor, Lighter, alongside centralized exchanges like Binance, referring to it as a platform utilizing a centralized sequencer. Hyperliquid emphasizes its transparency advantage of being "fully on-chain, operated by a validator network, and with no hidden state."

The community widely interprets this as Hyperliquid declaring "war" on Lighter. The technical differences between the two platforms have also become a focal point of discussion: Hyperliquid focuses on ultimate on-chain transparency, while Lighter emphasizes achieving "verifiable execution" through zero-knowledge proofs to provide users with a Central Limit Order Book (CLOB)-like trading experience.

This battle over the future direction of decentralized derivatives exchanges is expected to peak in 2026.

Meanwhile, discussions about Lighter's trading fees have surfaced. Some users have pointed out that Lighter charged as much as 81 basis points (0.81%) for a $2 million USD/JPY forex trade, far exceeding the near-zero spreads of traditional forex brokers.

Some argue that Lighter does not follow a B-book model that bets against market makers, instead anchoring its prices to the TradFi market, and the high fees may be related to the current liquidity or market maker balance incentives. Providing a more competitive spread for real-world assets (RWA) in the highly volatile crypto market is a key issue Lighter will need to address in the future.

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