$411M HYPE Token Transfer Lands Today. Will This Shift Markets?

The recent HYPE token transfer from the Hyperliquid Strategies treasury has been among the largest on-chain transactions in the ecosystem this year. Hyperliquid Strategies transferred 12 million HYPE worth $411 million to Hypercore, according to MLM. The transaction represents 1.2% of the total supply and 3.54% of the circulating supply, marking a substantial reshuffling of the treasury-held assets.

Hyperliquid Strategies began staking with 425,000 HYPE (around $14.5 million) staked across three different wallets in addition to the huge treasury move to Hypercore. These two actions suggest the exchange’s intent to manage liquidity, participate in the ecosystem, and take a long-term position in HYPE.

DAT Approval and HYPE Market Reaction

Preceding this massive transfer by just one day, another landmark event in the HYPE ecosystem happened. Sonnet BioTherapeutics announced a merger with Rorschach LLC to mark the official launch of the first major Hyperliquid digital asset treasury (DAT). The merged company is Hyperliquid Strategies, which is expected to manage $583 million of HYPE tokens, as well as at least $305 million of cash, for an anticipated total size of $888 million.

This announcement helped catalyze market sentiment, with HYPE rising by 9%, supported by anticipated inflows from the newly formed treasury. This buying activity quickly built on the upward movement following the ecosystem’s first major token unlock on Nov. 29, releasing 1.75 million HYPE (valued at $57 million) to team addresses. To date, none of the HYPE has been sold, with some even already being restaked, further boosting demand for staking and supply absorption.

HYPE Price and Market Cap Overview

Hyperliquid (HYPE) is currently trading at $34.54, backed by $480 million in 24-hour volume and a 9% surge in the past day, after correcting a small weekly decline. In the last 48 hours, the price pulled back to retest the key support zone between $30 and $33, and bounced once again after bears could not break the support lower. 

Chart 1: HYPE Live Price, published on CoinMarketCap, December 4th, 2025. 

The $30–$33 zone should now be considered a strong bounce zone, as the price has respected the key support and bulls are once again in the driver’s seat. HYPE will likely be facing resistance near $36, and the current structure could be pointing to an early-stage double-bottom reversal pattern, which will be confirmed on a break above the resistance. A sustained hold above $30, along with a surge in buying momentum, could open up a bullish move to $40 and $48 in the coming weeks.

Looking Ahead: What’s Next for HYPE?

The $411 million HYPE token transfer to Hypercore, backed by the new staking activity, is a key point for Hyperliquid Strategies. Considering the early approval of DAT and a currently favorable market scenario, HYPE could potentially align itself to remain highly strategic and maintain network participation for longer.

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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and risky. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions.