Team-Linked Hyperliquid Address Transfers 2.6M HYPE to Spot Market

A wallet linked to the Hyperliquid team moved a large batch of tokens into the open market today. Blockchain data from HypurrScan shows that the address transferred 2.6 million HYPE. This is worth about $90.18 million, from staking to the spot balance. The transfer happened at 12:32 UTC+8 on November 29

The wallet is widely tracked as a team-controlled address tied to HyperLabs. While the move does not confirm a sale, it instantly turned market heads. After the transfer, the same wallet still holds a massive 240 million staked HYPE, now valued near $8.36 billion. That keeps the team among the largest holders of the token. Still, moving funds from staking to spot often signals preparation for trading activity.

Why the Transfer Matters to Traders

When a project-linked wallet shifts tokens to the spot balance, markets react fast. The reason is simple. Tokens on spot can be sold. Tokens in staking usually cannot. This move does not prove liquidation. However, it opens the door to possible selling or market deployment. As a result, traders now watch HYPE closely for price shifts, volume spikes, and order book pressure.

Large transfers like this can also serve other purposes. Teams may move tokens to support liquidity. They may fund ecosystem programs. They may also prepare for structured unlocks or OTC deals. However, due to the size of this transfer, many traders remain cautious. Even small sales from a $90 million batch can impact short-term price action.

Team Still Controls a Massive Staked Supply

Despite today’s movement, the Hyperliquid team still controls one of the largest staked positions in crypto. The wallet retains more than $8.4 billion in staked HYPE, according to the latest on-chain snapshot. This suggests that the long-term token position remains mostly locked. It also eases some fears of a full-scale liquidation event. Only a very small portion moved to the spot compared to the total holdings.

Past wallet activity shows limited token movement over the last month. Previous transfers involved tiny experimental tokens and test amounts. No prior HYPE sized transfers appeared in recent history. That context makes today’s movement stand out even more.

Market Watches Closely for Next Move

For now, the market waits. The transfer alone does not confirm selling. But it clearly changes the risk picture. On-chain traders will track whether the 2.6 million HYPE enters exchange wallets or stays idle. If large deposits hit exchanges, pressure could follow. If not, the move may simply support liquidity needs inside the Hyperliquid ecosystem.

This event also highlights a wider trend. On-chain transparency now exposes every major team move in real time. Traders no longer guess. They verify. Whether this transfer leads to price volatility or fades quietly will depend entirely on what the wallet does next. Currently, $90 million worth of HYPE sits on the table and the market is watching every block.