New Wallet Sends $4.39M in HYPE to Coinbase as Token Falls Below $60

A newly created cryptocurrency wallet identified as “0x448a” transferred 74,900 Hyperliquid (HYPE) tokens, valued at approximately $4.39 million, to Coinbase after withdrawing the assets from Galaxy Digital, according to on-chain data.

The transfer could indicate an intention to sell, although the wallet owner’s plans have not been confirmed.

The transaction coincides with a sharp retreat in Hyperliquid’s native token. As of this writing, HYPE has slipped below the $60 threshold and is trading at $58.88, 6.5% lower over the past 24 hours.

Market participants often monitor large token transfers from custodians or institutional platforms to exchanges because they can precede selling activity. However, deposits to an exchange do not necessarily result in an immediate sale, and the purpose of the transfer has not been disclosed. 

The movement of 74,900 HYPE from Galaxy Digital to Coinbase occurred as the token extended its recent losses, with traders watching for signs of additional selling pressure amid the broader market decline.

Source: Onchain Lens