#数字资产动态追踪 Recently, an interesting on-chain movement has been detected, and I want to share it with everyone.

A whale address cluster has recently been unstaking a significant amount of HYPE—about 1 million tokens are gradually being sold. Looking back at history, they previously sold 600,000 tokens (worth approximately $1.6 million at the time), and now they are accelerating. More notably, the funds trace back to Tornado Cash, which is usually associated with privacy operations or fund obfuscation in on-chain transactions. These actors are clearly trying to break traceability deliberately, indicating a potentially more aggressive operational strategy.

These large holders completed their low-level positions within three weeks after the Hyperliquid ecosystem launched, and now they are unlocking and cashing out. This is a typical early participant exit stance.

The real-time price of HYPE hovers around $26.669, with a 24-hour increase of 1.16%—seems calm on the surface. But this is just the surface figure. Once the whale selling starts, it can quickly accumulate selling pressure, especially when the origin of the funds is suspicious. Market participants' panic psychology can easily be triggered. Based on on-chain signals, short-term pressure on HYPE is highly likely, and related ecosystem tokens may also be affected.

Of course, the crypto market sometimes pre-emptively absorbs such news. If the selling pace suddenly slows down, it could give a short-term rebound a breather—but honestly, the probability of that happening seems low. This cluster still holds a massive position of 4.36 million tokens, with plenty of room and willingness to sell.

Overall, the crypto market has been quite volatile recently. Actions by large holders often amplify risk exposure. In the coming days, HYPE might dip below $25, potentially dragging related ecosystem tokens down as well.

But don’t overreact with panic. Historical experience shows that behind such large fluctuations, there are often opportunities to buy at lower levels—as long as the project’s fundamentals haven't substantially deteriorated. To respond prudently, the key is to keep a close eye on on-chain data changes and not be fooled by short-term price fluctuations.