TL;DR

$40M in HYPE will be unstaked before July 15, likely for staking via Kinetiq’s new platform. Liquidation data shows a major short cluster near $42, suggesting potential for a sharp short squeeze.

Large Inflows and Whale Activity Fuel Interest in HYPE

Four wallets collectively deposited $6.14 million in USDC into Hyperliquid, purchasing HYPE tokens seven hours ago. One newly created address alone contributed $1 million, acquiring 25,507 HYPE at an average price of $39.2.

4 wallets deposited 6.14M $USDC to Hyperliquid to buy $HYPE 7 hours ago.

Wallets:

0x2615482299998de7DB726c34f9a14d9546009697

0xe644C02bFB9f4bf0256F3335a120Cd5f2d3C0402

0xFC82B4225120Db7C257AD8c69A8CF07319BFB88b

0x721Cedd6Fe743eBd0AC84fED7e09503dBaB22072 pic.twitter.com/lgOqdx9ZaZ

Notably, this activity occurred during a period of rising market volatility. The HYPE price traded at $39.07 at press time, with a 24-hour trading volume of over $230 million. 

Hyperliquids native token has gained 5.35% in the last 24 hours and 3.93% weekly. The move has attracted attention, especially with whale wallets increasing exposure during a sensitive price phase.

Over $40M in HYPE to Be Unstaked Before Kinetiq Launch

Ahead of the Kinetiq platforms launch on July 15, over 1 million HYPE—worth approximately $40 million—is being unstaked. Three whale addresses account for 847,000 of that total, indicating a coordinated shift in token positioning.

The unstaking period is aligned with a 7-day window following the Kinetiq announcement. Market watchers expect these tokens to be restaked through Kinetiq, a new liquid staking platform that supports validator scoring and institutional access via iHYPE. The protocol has already partnered with FlowDesk and IMC Trading for deployment.

Additionally, Hyperliquid’s ecosystem continues to grow, with Phantom now offering perpetual trading access directly through its wallet interface. The feature is initially available to users in the EU, using Hyperliquid’s API to maintain non-custodial control.

Introducing: Phantom Perps ♾️

Go long or short in just a few taps.

100+ markets. Up to 40x leverage. All in your pocket.

Powered by @HyperliquidX pic.twitter.com/YDKjUGBdEn

This integration marks another step in expanding the protocol’s reach. It adds utility for HYPE holders and traders seeking permissionless exposure to derivatives without leaving their wallets.

Liquidation Map Suggests Short Squeeze Potential

According to Coinglass, the Hyperliquid liquidation map indicates that the current HYPE price is just below a major cluster of short positions. If the asset crosses $42, a short squeeze could follow, potentially triggering over $6 million in liquidations.

Long liquidation pressure appears limited below $32. This setup suggests that downside risk may be less intense, especially as whales prepare to transition their HYPE holdings into staking via Kinetiq, rather than selling. The data points to strategic movement rather than exit activity.