Four Hyperliquid whale wallets collectively took roughly $5 million in profits by selling HYPE during a late-October rally, according to blockchain analytics firm Santiment. The profit-taking followed renewed interest in the decentralized trading platform, a push that was amplified when billionaire investor Stanley Druckenmiller publicly backed a company building markets on the network.

Hyperliquid is a decentralized trading platform focused on perpetual futures, and HYPE is its native token. Perpetual futures are derivative contracts without a set expiry date, a format that has become a staple of crypto trading venues.

Druckenmiller Backs New Hyperliquid Trading Plan

Druckenmiller said on X on October 29 that he had invested in Trade[XYZ], a company developing markets on Hyperliquid, and that he expected to use its products. His statement concerned the trading company itself rather than a direct purchase of HYPE tokens, but it drew fresh attention to plans for regulated trading in the United States.

Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, also announced an investment in Trade[XYZ]. Together, the firms intend to offer round-the-clock futures trading in the United States, pending regulatory clearance. As reported by Blockonomi, the planned U.S. venue would cover stocks, commodities, currencies, and cryptocurrencies. The partners have not disclosed a launch date. Trade[XYZ] already operates markets on Hyperliquid outside the United States. Continuous trading would mark a departure from the fixed weekday sessions of conventional U.S. exchanges, and regulatory clearance is the outstanding milestone that decides whether the plan advances.

Whales Sell Near the Rally Peak

Santiment identified wallet 0xa2ce…3126 as one of the sellers. The address had accumulated HYPE since late May, building the position over roughly five months, and began reducing its holdings as prices approached the $94 to $95 range. It reportedly sold approximately $225,000 worth of tokens every five minutes until the position was fully closed, ending with no HYPE remaining and $2,395,168 in recorded profit.

Other Hyperliquid whales also closed out positions during the rally. The selling coincided with HYPE's sharp price increase following the ICE announcement, although public blockchain records cannot establish why individual traders placed their orders.

Large Traders Take Opposite HYPE Positions

Santiment's account also described four major traders opening short positions on HYPE. Those trades were profitable at the time of the firm's assessment. Short positions gain value when the underlying asset's price falls. A separate large buyer remained exposed to the decline and faced losses exceeding 11%, according to the report. The split result — profits on the short side and a double-digit drawdown for the large buyer — shows how a fast reversal reprices positions on both sides of a perpetuals market at once.

The figures describe the tracked Hyperliquid whales specifically, not the financial results of all platform users.

HYPE Falls Below a Near-Term Level

HYPE subsequently fell more than 12% from its rally peak. The token had risen sharply in late October after the announcements involving ICE and Trade[XYZ]. As of November 5, the token traded in a reported range between $81.79 and $85 after dropping below the $84.15 level.

A November 3 chart assessment identified the $76 to $78 area as another level to watch, describing lower price targets only if that support failed.

The pullback followed the rapid rise tied to the proposed U.S. trading service. Regulatory approval remains outstanding, and the companies involved have not announced when the new market could begin operating. Until approval arrives and a launch date is set, the proposed venue remains a plan rather than an operating market — leaving the flagged support levels and any regulatory announcements as the concrete markers for readers to follow.

This article originally appeared on Blockonomi.