Whale’s $122 Million HYPE Withdrawal Sparks DeFi Liquidity Concerns

A significant holder known as TechnoRevenant moved 2.39 million HYPE tokens worth $122 million from its primary wallet on September 22, 2025. The transaction, flagged by Lookonchain's on-chain analytics, represents unrealized gains of over $90 million based on the token's 300% rally since June.

Hyperliquid's native token has benefited from aggressive buybacks, with 97% of protocol fees allocated to repurchases. However, the whale's exit highlights vulnerabilities in low-liquidity DeFi markets—large positions can trigger outsized price swings when supply is constrained.

Market participants now watch for ripple effects across decentralized perpetual markets where Hyperliquid dominates. The platform's tokenomics remain robust, but concentrated holdings pose persistent stability risks during volatile moves.