Since December 2024, whale movements within the Hyperliquid ecosystem have become a critical factor influencing the price structure and liquidity balance of the HYPE token. Large investors have opted for strategies centered around gradual accumulation and staking rather than hasty trading. This approach fostered an impression of controlled growth in the market as opposed to speculative fluctuations. The impact was not only limited to price movements but also directly affected the total value locked (TVL) in the protocol and sustained income generation.
Whale Accumulation and Supply Dynamics
At the beginning of December 2024, a Hyperliquid whale began making regular spot purchases of roughly 20,849 HYPE tokens per transaction. Initial acquisitions occurred at $7.91, with subsequent transactions concentrated between $8.10 and $8.69. This tiered buying strategy swiftly elevated the wallet’s holdings from single-digit positions to over 250,000 HYPE. A key aspect of this method was minimizing slippage and effectively utilizing available market liquidity.
The transaction patterns indicated planned purchases rather than impulsive ones, as they integrated flows from both decentralized and centralized exchanges. This behavior was not isolated; similar accumulation strategies by other large whale wallets were observed during the same period. This trend pointed to strategic pre-staking positioning instead of short-term price speculation. As more liquid supply transitioned towards staking, token balances on exchanges diminished, helping alleviate downward pressure.
Growth in TVL, Fee Revenues, and Staking Withdrawals
Throughout 2025, Hyperliquid’s TVL witnessed a consistent rise, going from approximately $2 billion at the start of the year to nearly $6 billion by the end of summer. This growth was supported not by temporary capital inflow but through substantial trading volumes and regular fee generation. Daily fee revenues often remained between $3 million to $10 million, indicating active usage of capital within the protocol. Although TVL retracted to the $4–5 billion band during the last quarter of the year, maintaining this level reinforced the notion of “sticky” liquidity.
In January 2026, a substantial HYPE investor drew attention by moving about 665,000 tokens to Bybit, realizing a profit of roughly $7.04 million. This investor originally amassed HYPE at an average price of $11.50 towards the end of 2024, opting for staking over active trading. The accumulated staking rewards, with an approximate annual percentage yield of 2.3%, incrementally increased the total balance. Owing to a one-day lock and a seven-day unstaking queue, the exit was clearly a planned strategy.
In parallel, a report highlighted that whales within the dYdX ecosystem were similarly unwinding their staking-focused positions and making measured transfers to centralized exchanges. This pointed towards an emerging market behavior in derivative DEXs.
