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- HYPE outperformed Bitcoin as ETF-linked inflows crossed $100 million since May 12.
- Galaxy Digital moved 1 million HYPE, then sent 500,000 tokens to Bybit and OKX desks.
- Net inflows slowed sharply as whale transfers tested HYPE’s spot market demand again.
HYPE stayed in market focus this week as whale transfers, slower institutional inflows, and ETF-linked speculation shaped trading activity. The Hyperliquid token kept outperforming Bitcoin, but new data showed weaker capital inflows and larger exchange deposits from major wallets now.
Market commentary shared by Alex highlighted that HYPE has outperformed Bitcoin since the launch of HYPE-related ETFs. The report cited more than $100 million in inflows since May 12, even as Bitcoin price action remained weak. This kept the token under close review.
That support has started to slow. Reported net inflows fell to about $3.4 million two days ago and then declined to nearly $1 million the next day.
Galaxy Digital Transfers Put HYPE Demand in Focus
The slowdown placed more attention on actual market demand. Analysts also noted a difference between new buying and token transfers, since transfers do not always create direct purchase pressure in the spot market.
Galaxy Digital became the main focus after a large on-chain movement. Lookonchain reported that the firm unstaked 1 million HYPE tokens worth about $61 million and transferred them to HyperEVM.
Market watchers linked the move to possible ETF-related activity. The claim remained speculative, since the transfer itself did not confirm the purpose of the transaction.
Soon after, Lookonchain reported another movement from Galaxy Digital. The firm deposited 500,000 HYPE, worth about $30.36 million, to Bybit and OKX.
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The deposits added a large amount of potential supply to centralized exchanges. Traders watched the move because exchange deposits can increase selling risk when large holders move tokens from staking or custody positions.
HYPE Supply Pressure Builds After Loracle Transfer
Market observers said HYPE’s reaction would be important. If the token holds its range without a sharp decline, it may point to steady spot demand during heavier supply pressure.
At the time of the transfer, HYPE traded above $60. That placed Galaxy Digital’s unstaked position at an estimated profit of at least $15.4 million.
Another large transaction also drew attention. Arkham data showed that Loracle reportedly unstaked about $51.3 million worth of HYPE during the same period.
Arkham portfolio data showed a different asset mix for Loracle. Tether Gold, or XAUT, accounted for about $8.22 million of an $8.38 million portfolio, while smaller holdings included HYPE, Ethereum, stablecoins, and other assets.
Despite the whale activity, HYPE continued to rally. CoinMarketCap data showed the token rising 9.05% over 24 hours to about $65.95.
Its market capitalization reached $16.74 billion. Daily trading volume increased 56.11% to nearly $141 billion.
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