HYPE is trading above $60 despite the recent market selloff that has dragged most crypto assets to significant losses. The relative strength is notable, as Arkham Intelligence has revealed a series of institutional-scale transactions in the past several hours that transform the price resilience from an interesting observation into a documented behavioral signal.
Three new wallets withdrew a combined 557,406 HYPE tokens worth approximately $40.2 million from Kraken eight hours ago - and immediately staked the entire amount. Tokens staked immediately after exchange withdrawal are tokens being committed to the network’s validator infrastructure rather than positioned for near-term trading or sale.
Six hours ago, another new wallet withdrew 180,000 HYPE worth approximately $13.3 million from Coinbase. Four new wallets. Four separate transactions. Over $53 million in HYPE was withdrawn from two of the most regulated exchanges in the world within an eight-hour window during a market selloff.
The accumulation is not slowing. Wallet 0x6436 has now withdrawn a total of 761,357 HYPE tokens worth approximately $55.4 million from exchanges across three days. Combined with Galaxy Digital’s withdrawals, the three Kraken wallets staking $40.2 million, and the Coinbase withdrawal of $13.3 million, the institutional accumulation picture around HYPE during this selloff has reached a scale that the broader market has not yet fully priced into the asset’s current valuation.
HYPE is experiencing its first meaningful pullback after an explosive rally that carried the token to fresh all-time highs near $75. While the move appears aggressive, it comes after a nearly uninterrupted advance from the $40 region in May.
Despite the correction, the broader trend remains firmly bullish. HYPE continues trading well above its 50-day, 100-day, and 200-day moving averages. The key area to watch now is the $64-$65 zone. If bulls successfully defend this area, HYPE could establish a higher low before attempting another move toward the $75 all-time high.