Whale War: Mega-Treasury Buys Face $100M+ Supply Tsunami

Hyperliquid Strategies has increased its aggressive accumulation by buying another 494,200 HYPE worth $45.8 million over 16 hours. Its one-month treasury purchases now total 5.51 million HYPE ($476 million), and its whole holdings are 35.1 million HYPE, worth about $3.2 billion. The company's ongoing buying spree—over $16 million daily—comes even as HYPE trades close to its record high, supported even more by the protocol's own Assistance Fund, which burns 97% of trading fees to buy and burn tokens.

Notwithstanding this constant institutional need, near-term selling pressure is rising from other cryptocurrency whales. Recently, Multicoin Capital transferred 130,331 HYPE ($12.15 million) to Coinbase Prime, increasing its overall institutional transfers to 4.23 million HYPE since late July. Five large wallet addresses have started the unstaking procedure for almost 984,000 HYPE (about $90.4 million), therefore increasing the risk profile. Hyperliquid's seven-day unstaking queue means that by October 1 these coins will be totally liquid and mobile.

Though unstaking and exchange transfers do not ensure quick liquidations, they do help to raise the floating supply sensitive to profit-taking after HYPE's ascent towards its $97.99 top. The market is currently caught in a direct tug-of- war between incoming whale distribution and continuous treasury absorption. Whether HYPE can break past the crucial $98 mark or endure a stronger pullback relies on whether spot demand may consume the millions in new token supply coming out in early October.