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High Stakes Capital has fully exited a 602,421 HYPE position for $22.9m around $38, extending a broader wave of profit\u2011taking among Hyperliquid whales near record highs.<\/p>\n \n Summary<\/span>\n <\/p>\n <\/p>\n A major Hyperliquid (HYPE<\/a>) whale known as High Stakes Capital has liquidated more than 600,000 HYPE in the past 24 hours, cashing out close to $22.94 million and putting short-term pressure on the flagship Hyperliquid token. ChainCatcher, citing Onchain Lens data, reported that the address sold a total of 602,421 HYPE for approximately 22.938 million USDC, at an average price of $38.08, with the final tranche of 152,421 HYPE netting around $5.82 million and completing the exit. The sell-off comes as HYPE, the native token of Hyperliquid\u2019s decentralized perpetuals and derivatives ecosystem, trades just below recent peaks at about $38.86, up 2.72% on the day.<\/p>\n PANews, also quoting Onchain Lens, noted that in the previous 12 hours the same whale had already sold 450,000 HYPE for $17.12 million USDC, at an average price of $38.05, while still holding 152,421 HYPE worth $5.68 million before the final leg. Earlier, Phemex News reported that High Stakes Capital offloaded 300,000 HYPE for $11.45 million at an average of $38.17, while still sitting on 302,421 HYPE valued at about $11.54 million and a cumulative profit exceeding $33.2 million. This staggered exit pattern shows the whale systematically selling into strength around the $38\u2013$39 range rather than dumping in a single transaction, a strategy that tends to limit slippage but can cap upside while the orders clear.<\/p>\n HYPE<\/a> is part of the derivatives and DeFi sector<\/a>, functioning as the core token of the Hyperliquid network, where traders use the platform for decentralized perpetual futures and leveraged speculation. Hyperliquid\u2019s token previously touched an all-time high near $39.93 as 24\u2011hour trading volume surged to roughly $496 million and open interest climbed to $10.1 billion, according to DailyCoin\u2019s earlier reporting on HYPE\u2019s breakout. At the same time, total value locked in the protocol jumped more than 369% in a matter of weeks, from about $311.55 million to $1.462 billion, underscoring the scale of capital rotating into derivatives-focused DeFi.<\/p>\n <\/p>\n Recent data suggests that large HYPE holders are actively managing exposure around the $35\u2013$40 band. KuCoin Flash reported that another genesis whale, linked to the address known as tummy.hl, began selling 498,000 HYPE via TWAP orders for more than $20 million, with the sale expected to complete within 21 hours. Coingabbar\u2019s price analysis noted that HYPE was trading near $34.73 in early February, up 30.53% over the preceding month, with open interest at $1.65 billion even as trading volumes fell 18% to about $805.7 million, suggesting a structurally<\/a> bullish but increasingly crowded trade. Against that backdrop, High Stakes Capital\u2019s exit looks less like capitulation and more like a textbook profit realization into a stretched market, as derivatives tokens and exchange-linked assets continue to outperform much of the broader crypto complex.<\/p>\n <\/p><\/div>\n\n\n\n