TechFlow reports, on July 08, according to on-chain analyst Ember (@EmberCN), Hyperliquid development team Hyperliquid Labs transferred out 452,000 HYPE tokens in the early morning, worth approximately $32.32 million.
Ember stated that this batch of HYPE is likely being sold through market maker Flowdesk, with part of it flowing into Flowdesk's on-chain wallet, and another part entering Flowdesk's deposit addresses on OKX, Bybit, and Gate.
As a result, HYPE dropped 5% on the day.
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