COINOTAG News on August 26 reports that on-chain data shows a previously active wallet that had deployed $40 million into HYPE last week has sold a total of 186,000 HYPE tokens, equivalent to roughly $8.6 million according to transactional records.
The wallet converted the sale proceeds to USDC and used those funds to establish a long position in the futures market, opening a position sized at 27,236 ETH (approximately $126 million) as reflected in on-chain activity.
Blockchain logs indicate the HYPE disposals were executed in repeated tranches of 11,000 tokens, with each tranche valued at about $500,000; traders can verify the sequence and amounts via the public on-chain transaction history.