Hyperliquid Whales Realize $5 Million as HYPE Rally Reverses

Four large wallets on Hyperliquid booked about $5 million in combined profits during October’s rally in the Hyperliquid token (HYPE), which later dropped more than 12% from its peak.

One address, 0xa2ce…3126, began accumulating HYPE in late May. As HYPE approached $94 to $95, the wallet made repeated sales worth about $225,000 at roughly five-minute intervals. It finished with no HYPE and a recorded profit of $2,395,168.

Public blockchain records show the transactions but do not establish why the address traded. In a separate set of positions, four major traders were profitable on HYPE shorts, which gain value when the token falls. A different large buyer faced losses exceeding 11%. These figures cover tracked positions, not all Hyperliquid users.

The trading unfolded as attention turned to Trade[XYZ], which develops markets on Hyperliquid. Investor Stanley Druckenmiller disclosed an investment in Trade[XYZ] on Oct. 29 and said he expected to use its products. His disclosure concerned the trading company, not a direct purchase of HYPE.

Intercontinental Exchange, which owns the New York Stock Exchange, also invested in Trade[XYZ]. The companies plan a U.S. venue for futures trading around the clock, subject to regulatory clearance. The proposed contracts would cover stocks, commodities, currencies and cryptocurrencies.

Trade[XYZ] operates markets on Hyperliquid outside the United States. The proposed U.S. venue was described separately; as of Nov. 5, the companies had not announced a launch date.

The October activity follows a separate September episode of HYPE whale selling, when a wallet deposited 177,518 HYPE worth $16.08 million to OKX and Bybit. That episode also included a wallet linked to Hypersphere Ventures, which sold 62,869 HYPE for $5.78 million and recorded a $2.13 million profit after buying the tokens a month earlier.