Cryptocurrency Whales Secure $90 Million in Profits Amid HYPE Token Sell-Off, Spotlight Turns to Aster

Cryptocurrency whales have capitalized on their holdings of HYPE tokens, securing an estimated $90 million in realized profits after a calculated sell-off. This dramatic shift comes as HYPE—Hyperliquid’s utility token—faces a sharp price drop, drawing heightened attention to an emerging rival project, Aster. Cointelegraph highlighted this trend on October 22, signaling a pivotal moment for both projects in the decentralized finance (DeFi) landscape.

Whale Sell-Off Sparks HYPE’s Decline

The sell-off of HYPE tokens by crypto whales has underscored uncertainty surrounding its tokenomics, particularly its aggressive vesting schedule. Analysts have raised concerns about the potential release of tokens valued at approximately $11 billion into the market, a development that could exert sustained downward pressure on HYPE's price.

A notable whale, identified via the blockchain address '0x316f,' withdrew HYPE tokens valued at $122 million earlier this week. These tokens were acquired nine months ago at an average price of $12 per unit and sold at $49.08 per token, resulting in an approximate $90 million profit. Data from blockchain analytics platform Lookonchain revealed the scale of this strategic move.

HYPE tokens, which peaked at an all-time high of $59.29 last Thursday, have since entered a phase of significant devaluation. Compounding the sell-off, Hyper Foundation has flagged November 29 as a critical date: nearly one-fourth (23.8%) of the total token supply will be unlocked for early contributors, coinciding with the first anniversary of the project’s launch.

The Vesting Schedule: A Crucial Test for HYPE

The HYPE vesting schedule poses formidable challenges. Over a 24-month period, the project will allocate approximately 11.9 billion tokens to its core team and stakeholders. November’s token unlock represents the first wave, with market participants bracing for its impact on liquidity and price stability.

Arthur Hayes, co-founder of BitMEX and leader of family investment fund Maelstrom, has termed this moment as “the true test for HYPE.” Maelstrom researcher Lukas Ruppert has further quantified the challenge, projecting that around $500 million worth of HYPE tokens will flood the market monthly under current timelines.

Critically, Ruppert estimates that buyback mechanisms may only absorb about 17% of this influx, leaving an approximate $410 million surplus in monthly token supply—a scenario he describes as “a moment of reckoning.” Hayes himself has not shied away from the risks, disclosing that he liquidated his HYPE holdings entirely. Reportedly, part of his profits fueled the purchase of a Ferrari, illustrating the high-stakes investments tied to volatile token markets.

Aster Emerges as a Strong Contender

As HYPE battles mounting headwinds, a significant portion of whale investors is redirecting attention toward Aster (ASTER). Aster serves as the native token of a Binance-affiliated decentralized exchange linked to founder Changpeng Zhao. The project has managed to captivate market interest, boasting rapid traction among influential investors.

One whale, associated with the address '0x220,' recently allocated $10.5 million toward Aster tokens across two wallets. This bet has, so far, yielded unrealized gains of approximately $6 million, signaling growing confidence in the project's upside potential.

Aster’s market performance has been meteoric. Over the past week, the token recorded an eye-watering 1,700% surge, catapulting itself to the fourth spot in market capitalization among decentralized exchange (DEX) tokens. This starkly contrasts with HYPE's 7.9% decline during the same period, emphasizing Aster’s growing appeal within the crypto investment community.

Market Dynamics Shift Between HYPE and Aster

The evolving dynamics between HYPE and Aster offer a compelling case study for market sentiment and liquidity in DeFi ecosystems. HYPE’s looming influx of unlocked tokens will continue to be a focal point, with analysts and traders keenly observing its ripple effects across the market.

Simultaneously, Aster’s spectacular rise creates fresh opportunities for investors seeking alternatives to tokens bogged down by over-supply concerns. The stark divergence between the two projects illustrates the increasing importance of robust tokenomics in attracting both retail and institutional investors alike.

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