On-chain analyst Ai Yi said a wallet appears to have reduced its HYPE position by $11.77 million over the past 10 days, based on transfers tracked on-chain. The address reportedly accumulated the token at an average cost of just $3.87. Since Sept. 28, it has sent a total of 131,421 HYPE to Kraken at a transfer price of $89.56, implying a possible profit of $11.26 million if the tokens were sold, for a return of 2,214%.
The activity came around the same period that Hyperliquid Labs disclosed an over-the-counter sale of 3.75 million HYPE on Sept. 30. That transaction was valued at about $329 million, involved a single institutional buyer, and the buyer would not sell the tokens through the public market.
According to Ai Yi, the wallet’s first suspected sale took place before that announcement. Two more suspected sales were then recorded yesterday and one hour ago.
Odaily reported that on-chain analyst Ai Yi tracked a wallet that appears to have reduced $11.77 million worth of HYPE over the past 10 days. The address had an estimated cost basis as low as $3.87.
Since Sept. 28, the wallet has transferred a cumulative 131,421 HYPE to Kraken at a transfer price of $89.56. If those tokens were sold, the wallet would have realized a profit of $11.26 million, equal to a 2,214% return.
Separately, Hyperliquid Labs said on Sept. 30 that it would sell 3.75 million HYPE in an over-the-counter transaction valued at about $329 million. The buyer was a single institution, and the tokens would not be sold through the public market.
Ai Yi said the wallet’s first suspected sale happened before that announcement, with two additional suspected sales occurring yesterday and one hour ago.
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