A large holder of Hyperliquid (HYPE) has moved more than $10 million worth of tokens to a cryptocurrency exchange, drawing market attention to possible profit-taking. HYPE bought at $3.50 apiece has risen to around $82, posting an unrealised return of about 2,200 percent, and investors are watching for further selling.

On Oct. 14 (local time), blockchain outlet U.Today reported that the wallet recently withdrew assets from Hyperliquid staking and then transferred HYPE to a Kraken deposit address.

Two transfers confirmed recently totalled 130,504 tokens. Of those, 100,276 tokens worth about $8.17 million moved to Kraken about 6 hours earlier. A day earlier, 30,228 tokens worth about $2.55 million were also deposited to the same exchange. Combined, the two transfers amounted to about $10.72 million.

The wallet's initial purchase totalled 257,928 tokens at an average price of $3.50 each. The total purchase amount was about $903,000. As HYPE climbed to around $82, the unrealised value of the initial purchase swelled to about $21.15 million. A simple comparison of the buy price and current price puts the unrealised return at about 2,243 percent.

If both transfers were sold, the holder may have realised sizable profits based on the purchase cost. It has not been confirmed whether the exchange deposits led to actual sales.

After the transfers, the wallet is estimated to still hold about 127,000 HYPE. Assuming a price of $82, the remaining holdings would be worth about $10.40 million. If additional transfers follow, they could act as potential selling pressure on the market, some observers say.

HYPE has fallen about 16 percent from a recent high near $98 and is trading around $82. The large holder's exchange transfer was detected, but the price did not collapse sharply. Some analysis says the market is absorbing selling. Trading volume also remains low, making it difficult to conclude there has been a broad investor exodus.

Technical indicators show short-term momentum slowing. HYPE has fallen below both its 50-day moving average of $83.70 and its 20-day moving average of $86. The relative strength index (RSI) is also holding in the low 40s, indicating weakening buying interest.

In the near term, support near $79 is key. If that level breaks, the price could fall toward the next support zone cited near $76.50, the 100-day moving average. If buying recovers and the price closes above $84 and breaks above $87.50, it could retest $90 and $95.

Market attention is expected to focus on whether the whale makes further transfers to exchanges and whether key support holds. It is difficult to judge HYPE's medium- and long-term trend based on the movement of a single wallet, but if large additional inflows to exchanges occur while the price is weak, the short-term burden could increase.

Long-term moving averages are still maintaining an upward flow, so it may be too early to say the medium- and long-term uptrend has been fully broken. Key variables cited for the next phase include whether HYPE can hold major support and reclaim short-term resistance, and how much the possibility of further selling by the large holder is reflected in the price.