HYPE Whale Activity Surges Amid Token Unlock and Governance Upgrades

Hyperliquid's HYPE token is drawing significant whale attention despite a major token unlock event today. On-chain data reveals deliberate accumulation by large holders, including a $12.1 million position built in early 2026. This activity coincides with governance upgrades enhancing the token's utility while introducing fresh supply. Market participants are closely watching the $25 technical level for directional clues.

Why Is Whale Activity Surging for Hyperliquid's HYPE Token?

Strategic whale accumulation signals long-term confidence in HYPE's value proposition. One whale wallet amassed 490,000 tokens over 14 days in early 2026, transferring portions to Hyperliquid for potential staking. This follows late 2025 patterns where whales acquired tokens during dips, including 427,441 HYPE at $27.09 and 398,830 at $25.22. Such deliberate buying suggests institutional players see current prices as attractive entry points.

Phased accumulation strategies minimize price impact while establishing substantial positions. The whale known as 0x72b23 executed two major accumulation phases totaling $26.5 million since mid-2025. Position transfers back to Hyperliquid frequently signal staking rather than imminent selling pressure. These movements reduce circulating supply amid growing platform utility.