HYPE Faces Whale Sell-Off Pressure as Grayscale Bets on Its Long-Term Potential

TL;DR:

• A wallet linked to Selini Capital transferred 495,473 HYPE tokens, valued at approximately $26.8 million, to the OKX platform on July 29, 2026.
• HYPE’s price reached a peak of $76.80 in June 2026 before declining to test the $54.37 support zone.
• The asset’s 200-day exponential moving average (EMA) sits near the $50.23 technical level.

In the final stretch of July, the HYPE price maintains a corrective bias following confirmation of large token transfers to centralized trading platforms. These transactions by institutional holders have heightened market caution, even as independent analysis suggests a divergence between spot price action and the network’s intrinsic value.

The analytics firm Lookonchain detected a deposit of 495,473 HYPE from a wallet associated with the firm Selini Capital to the OKX exchange within a single hour. Data from the analytics platform indicates that transfers to centralized exchanges typically precede selling operations. This massive influx reinforced the bearish pressure that began mid-year.

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