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Digital tokens remained fragile on Tuesday after yesterday’s brief rallies.

While most currencies fight to retain their latest gains, Hyperliquid’s HYPE led the downside with an over 8% loss in the past 24 hours.

HYPE’s decline coincided with a significant transaction from an early large-scale investor who decided to book profits after holding for nine months.

Lookonchain shows, the investor has reduced his exposure by dumping 4.99 million HYPE coins for $228.76 million, securing $148.63 million returns on investment.

An early whale holding 5.07M $HYPE recently sold 4.99M $HYPE ($228.76M) at an average price of $45.82, realizing a profit of $148.63M. He bought the 5.07M $HYPE 9 months ago at an average of $16.23. Now he only has 77,089 $HYPE($3.37M) left.

Notably, the Whale purchased 5.07 million tokens when HYPE traded at $16.23.

He remained patient in the past sessions as prices surged, and exited when the alt’s price hovered at $45.82.

The holder now has 77,089 HYPE tokens, worth around $3.37 million, left.

Meanwhile, the dump grabbed attention as it came only a day after the DEX’s Hypurr NFT airdrop triggered a $45 million trading craze.

Whale transactions are crucial since they often signal the asset’s next potential move.

The latest whale exit comes a little over a week after BitMEX co-founder made a similar move, offloading HYPE worth over $5.1 million.

Arthur Hayes highlighted looming Hyperliquid unlocks as reasons behind his decision.

The Perp decentralised exchange is set to flood the market with tokens worth nearly $12 billion in the next two years.

Hyperliquid will start releasing 237.8 million coins from November 29 through linear vesting for 24 months.

That means roughly $500 million worth of HYPE entering circulation each month. That’s more than the project’s buyback initiative can absorb.

Also, Hyperliquid is facing intensified competition as the perpetual DEX space gains traction.

For instance, Aster is rising with considerable momentum, boosted by its ties with Binance’s founder CZ.

Aster even eclipsed Circle and Hyperliquid in user activity this month.

Traders could be exiting Hyperliquid ahead of upcoming unlocks for emerging alternatives.

Nonetheless, experts suggest that this rivalry will shape the possible Q4 bull run.

The native token trades at $44.01 as bulls attempt to reverse today’s downside trends.

Broad market weakness and whale exit likely contribute to HYPE’s prevailing outlook.

Still, the digital token exhibits momentum after its latest surge to its mid-September all-time high above $58.

It maintained an upside trajectory in a month that bears prevail.

As analysts forecast significant comebacks for the broader market starting in October, HYPE could display resilience.

Nevertheless, impending billions worth of token unlocks and rising perp DEX competition could see Hyperliquid’s native token underperform in the coming months.

The post Hyperliquid’s HYPE slides 8% as early whale makes $148M exit appeared first on Invezz

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