HYPE Holds Above $60 as Whale Withdrawals and Kraken's US Perpetuals Plan Draw Attention
HYPE, the native token of Hyperliquid, has held above $60 through a broad market selloff, with on-chain data showing several large exchange withdrawals and staking. Separately, Kraken's parent Payward plans a CFTC-regulated US perpetuals market on Hyperliquid's HIP-3 infrastructure, subject to regulatory review.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
Large Withdrawals During the Selloff
Arkham Intelligence data cited by NewsBTC shows four new wallets withdrawing a combined 737,406 HYPE, roughly $53.5 million at prevailing prices, from Kraken and Coinbase within an eight-hour window. Three of the Kraken withdrawals totaled 557,406 HYPE, worth about $40.2 million, and were staked immediately after withdrawal. A separate 180,000 HYPE withdrawal, about $13.3 million, came from Coinbase.
The same source reports that a single wallet, 0x6436, has withdrawn 761,357 HYPE, about $55.4 million, from exchanges over three days. NewsBTC characterizes this as systematic accumulation. On-chain flow data can show that tokens left exchange custody, but it cannot establish intent, so the accumulation reading is the outlet's interpretation rather than a confirmed position. Withdrawals can also reflect custody moves or rebalancing.
Price Action and Trend
NewsBTC reports HYPE rose 4.8% on the day its Kraken news broke, but the same outlet describes a sharp rejection from all-time highs near $75, with a roughly 13% drop in a single session to close near $65. NewsBTC also reports the token trades above its 50-, 100- and 200-day moving averages, and that the 50-day average sits near $49. The source articles do not agree on the exact session move, so readers should treat single-day percentages with caution and check a price feed directly.
Kraken's Planned US Perpetuals Market
Crypto Briefing reports that Kraken's parent, Payward, plans to launch a regulated U.S. perpetuals market on Hyperliquid. Payward would be the first CFTC-regulated entity to deploy on Hyperliquid's HIP-3 infrastructure, which the report says is currently in testnet. Bitnomial would create the markets, and NinjaTrader Clearing would handle customer accounts. The launch remains subject to regulatory review.
What to Watch
The two threads are separate. The exchange flows describe holder behavior, while the Payward plan concerns market structure and regulatory access. Neither source gives a launch date for the US product, and the regulatory review has no published timeline. Further filings, HIP-3 mainnet progress, and any statements from Payward or Hyperliquid would clarify both the custody picture and the scope of the planned launch.
Why It Matters
For Traders
Large exchange outflows and a pending US product are both headline catalysts, but neither has a confirmed timeline, so near-term price direction remains uncertain.
For Investors
A CFTC-regulated US perpetuals venue built on Hyperliquid's infrastructure would be a structural test of whether regulated access expands HYPE's addressable market.
For Builders
HIP-3 moving from testnet to a regulated deployment would change how market creation and customer account clearing can be integrated into Hyperliquid-based products.
This article is for information only and is not financial advice. Read the full disclaimer.
