During the early days of December 2024, a significant Hyperliquid [HYPE] investor consistently bought 20,849.76 HYPE per transaction through incremental spot purchases. The first purchase was made around $7.91, with subsequent buys clustering between $8.10 and $8.69. This strategic approach allowed the wallet to increase its position from single-digit exposure to over 250,115 HYPE, reducing slippage and absorbing available liquidity.
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This method resulted in a time-weighted average cost significantly below the later $11.50 entry point mentioned for the entire HYPE accumulation period. Wallet-level flows indicated a combination of DEX execution and CEX-linked inflows, suggesting a deliberate approach to liquidity sourcing rather than a sense of urgency.
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Interestingly, this activity aligned with similar accumulation patterns observed in other large-holder wallets, indicating a strategic positioning for staking rather than isolated speculation. As supply shifted from liquid venues to staking, exchange balances decreased, thereby reducing downward pressure and stabilizing the market structure during the accumulation phase.
Hyperliquid TVL consolidates as fees sustain liquidity
Throughout 2025, Hyperliquid’s Total Value Locked (TVL) steadily increased from around $2 billion to nearly $6 billion by late summer, accompanied by consistent fee generation, signaling ongoing trading activity rather than temporary inflows. As TVL rose, daily fees also saw an upward trend, ranging between $3 million and $10 million, indicating productive capital.
In the final quarter, momentum waned, with TVL retracting to the $4-5 billion range. However, it has maintained this level for several months, suggesting stable liquidity supported by active traders and protocol usage. This equilibrium remains robust as long as trading volumes remain high and fee generation sustains yields.
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If trading activity weakens or other platforms absorb liquidity, TVL could decrease further. Conversely, a resurgence in volatility could lead to a rapid increase in inflows. Traders should monitor fee consistency, significant capital movements, and changes in volume concentration to anticipate whether current liquidity levels will stabilize or experience a significant shift.
Staking strategy guides whale profit realization
On the 23rd of January 2026, a large $HYPE holder deposited approximately 665,000 tokens into Bybit, realizing around $7.04 million in profit. This strategic move followed a structured approach initiated in late 2024, where the wallet accumulated about 651,900 HYPE at an average price of $11.50. Instead of active trading, the holder opted for staking, allowing rewards to grow steadily at a 2.3% Annual Percentage Yield (APY) before withdrawal.
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Hyperliquid’s staking structure influenced the timing of the exit, with a one-day lockup and a seven-day unstaking queue delaying transfers to exchanges. The deliberate deposit and strong protocol fundamentals indicated a planned exit rather than a reactive decision. The annualized revenue for Hyperliquid approached $663 million, with a recent $54 million generated in the last 30 days. Limited whale inflows suggested that the exit was driven by disciplined yield capture rather than short-term price speculation.
Final Thoughts
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Whale accumulation and exits were driven by structured staking and yield capture rather than short-term price speculation.
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Hyperliquid’s liquidity stability reflects sustained fee generation, with future direction hinging on trading volume and volatility.
following sentence:
The quick brown fox jumps over the lazy dog.
Revised sentence: The fast brown fox leaps over the sluggish dog.