HYPE Slumps as Whale Opens $40M Long Ahead of Robinhood Listing, Sparking Suspected Insider Trading

COINOTAG News, November 24, citing HyperInsight, notes HYPE weakness amid expectations of a forthcoming large unlock. The prominent address labeled ‘Suspected HYPE Listing Insider’ (0x082) has a substantial long position in HYPE on Hyperliquid, currently with an unrealized loss near $10.2 million from a $40.7 million exposure at an average entry of $39.

That same address opened a $40 million HYPE long (5x) five hours before Robinhood announced spot trading, sparking community talk of possible insider trading. Earlier bets on STRK and PURR were closed on November 22, leaving the HYPE long intact.

On the other side, Abraxas Capital has been unloading HYPE on Hyperliquid, selling roughly 20,000 tokens (~$620,000) in under two hours. The spot-position liquidation priced around $43, leaving roughly $3.8 million in unliquidated exposure.