PANews reported on November 24th that, according to HyperInsight monitoring, the HYPE token has been declining recently, possibly due to the upcoming large-scale unlocking. A whale address (0x082), suspected of having insider information regarding HYPE's listing, has seen its long positions in HYPE turn from profitable to unprofitable since November 19th, currently showing a floating loss of approximately $10.16 million (-126%), with a total position size of approximately $40.7 million and an average price of $39. This is the largest long position in HYPE on the Hyperliquid platform. This address opened a $40 million long position (5x leverage) five hours before Robinhood announced the listing of HYPE spot trading on October 23rd, raising questions within the community about whether it possessed insider information.

In addition, Abraxas Capital, the largest short seller of HYPE on the Hyperliquid platform, has been continuously selling HYPE spot and closing out HYPE futures positions in recent days. In the past two hours, it has sold a total of 20,000 HYPE tokens, worth approximately $620,000. Its spot purchase price was $43, and it currently holds $3.8 million in spot positions.

Previously, it was reported that Hyperliquid would unlock $308 million worth of HYPE on November 29, representing 2.66% of the circulating supply .