Researchers have tracked an interesting on-chain phenomenon: a cluster of addresses is accelerating the handling of HYPE holdings.

According to on-chain data, this cluster had previously unstaked 262,400 HYPE tokens (approximately $6.9 million at current prices). More notably, they also hold about 1 million HYPE tokens (worth $26 million) that have just entered the unlock period. So far, the cluster has cashed out 600,000 HYPE tokens (roughly $1.6 million), and based on trading patterns, it is likely to continue selling in the future.

An interesting point is the source of funds for this address. All HYPE tokens in the cluster were purchased within three weeks after the Hyperliquid TGE launch, and these funds came from Tornado Cash. The total HYPE holdings across the entire address cluster exceed 4.36 million tokens.

In terms of market response, HYPE is currently priced at $26.669, with a 24-hour increase of 1.16%. The unlocking and selling activities of such large holders typically exert downward pressure on the price, and the future trajectory will depend on how the market absorbs these sales.