Odaily reported that, according to monitoring by on-chain analyst Yu Jin, 572,900 HYPE was withdrawn from Coinbase Prime three hours earlier. Based on the valuation cited in the report, the tokens were worth about $40 million. After the withdrawal, the HYPE was transferred to Hyperliquid and deposited for staking.
Large HYPE transfer moves into staking
The reported on-chain path is straightforward: the assets were first withdrawn from Coinbase Prime, then moved to Hyperliquid, where they were placed into staking. The disclosed details include the token amount, the approximate dollar value, the timing of the movement, the platform from which the assets were withdrawn, and the final staking destination.
The same news item also noted that HYPE is up 11% today. As reported, this $40 million HYPE transfer and staking action took place during a day when HYPE recorded a notable price increase. The information comes from on-chain monitoring and represents a large recorded flow involving HYPE.