FalconX moved $104M in HYPE tokens to major exchanges over 24 hours, signaling continued OTC liquidation pressure.
Macro & Markets ·
FalconX transferred approximately 1.42 million HYPE tokens valued at roughly $104 million to major cryptocurrency exchanges over a 24-hour period, according to on-chain monitoring data. The distribution included approximately 480,850 HYPE tokens to Gate, 325,000 to Bybit, 325,560 to OKX, 250,240 to Coinbase, and 25,000 to KuCoin, with cumulative values ranging from $1.80 million to $34.14 million per exchange.
The movement reflects ongoing over-the-counter liquidation activity, with OTC buyers continuing to offload HYPE holdings through centralized venue deposits. The scale of the transfer—concentrating more than $100 million in value across five major platforms within a single day—suggests coordinated or continuous pressure to execute large positions.
The timing and distribution pattern remain unclear: whether this represents a single liquidation event, staged exits across multiple counterparties, or an ongoing weekly pattern is not specified in available data. The extent to which additional HYPE transfers may follow is also unknown.