Today, a single share sale triggered millions of dollars in liquidations on Hyperliquid. At 11:00 pm UTC on July 27, $SKHYNIX suffered a flash crash on Hyperliquid, falling roughly 20% within seconds before rapidly recovering. The entire cascade began with a single share sold during the opening of South Korea’s Nextrade pre-market session. At 8:00 am local time, an apparent order mistake caused one SK Hynix share to execute at ₩1,272,000, exactly at the daily lower limit and 29.96% below the previous close. Because there were almost no resting buy orders at the opening, that one-share trade became the first reference price. The stock recovered toward ₩1.7 million within approximately two minutes, but the bad print had already reached the oracle used by Hyperliquid. Around 4 seconds after the NXT session opened, the SKHYNIX oracle price was updated from $1,131.40 to $954.99, a 15.6% drop. Liquidations began approximately 2.7 seconds later. The resulting cascade pushed Hyperliquid executions as low as $900. In total: -> 960 long accounts were liquidated. -> $57.4M in positions were liquidated. -> Those traders realized approximately $17.3M in losses. -> The backstop subsequently triggered ADL against profitable shorts, realizing approximately $10.8M in profits across 100 accounts. The main losers were: -$2.05M -$1.37M -$1.31M -$1.02M The largest profits realized through ADL were: $2.55M $2.22M $2.19M

Did Multicoin Capital (@multicoin) just start selling HYPE? Yesterday, Multicoin requested to unstake almost 2M HYPE ($120M) and deposited 530k HYPE ($31.8M) into Coinbase. HYPE immediately dropped more than 3%, and several accounts claimed that Multicoin had sold those tokens and would likely sell the remaining 2M HYPE ($120M) once the unstaking process was complete. We analyzed the onchain activity to understand what is actually happening. The main lead is a group of four clusters that appear to belong to Multicoin and follow nearly identical patterns. 1) The first cluster, which supposedly “sold” 395k HYPE ($23.7M), is linked to 0xaB319403E72C5e97c65ef70031bab8827efc5297 This cluster bought 600k HYPE ($36M) from Galaxy roughly five months ago (image 1). Yesterday, it requested to unstake 210k HYPE ($12.6M), while the remaining 395k HYPE ($23.7M) ended up in this Coinbase Prime hot wallet 0x7e43ed8765e708E5c40Eb7d2f6eE9BdAE0Ff0E8B. 2) A second cluster follows a very similar pattern 0xCa292baAb13A6B97fC83bB142e689440Fd0812b8 It bought 740k HYPE ($44.4M) from Galaxy OTC four to five months ago (image 2). It later deposited 212k HYPE ($12.72M) into Coinbase Prime through 0xF6FdC24Ba91f2D46264C1ac5ffD9B7cE6627dDD6. The cluster still holds another 423k liquid HYPE ($25.38M). 3) A third cluster shows the same pattern 0xAB73C6A90E1BEdFD2169255A03EF79e3Db9F121A It received 539k HYPE ($32.34M) from Galaxy OTC four to five months ago. This attribution is particularly strong because the wallet later sent 500k HYPE ($30M) to the address Grayscale used to receive the HYPE related to its ETF seeding (image 3). 4) A fourth cluster did the same 0x6CD6D02d5Db383564Ddddd75F939f5b81971833F It received 540k HYPE ($32.4M) from Galaxy four to five months ago and later sent 500k HYPE ($30M) to the same Grayscale ETF related address (image 4). All four clusters share multiple connections and nearly identical funding patterns. This appears to confirm three things: 1/ Multicoin seeded the Grayscale ETF with 1M HYPE ($60M), which is likely locked for some time 2/Multicoin still holds more than 600k liquid HYPE ($36M) onchain and held another 600k HYPE ($36M) after requesting the recent unstaking that already sent to Coinbase Prime 3/ Most of the HYPE sent to Coinbase Prime appears to remain in fresh wallets rather than being immediately sold, suggesting that Coinbase Prime may just currently be custodying the assets If this interpretation is correct, the most likely outcome is that the nearly 2M HYPE ($120M) currently being unstaked will also be sent to Coinbase Prime once available. That raises the key question: if Multicoin intended to sell, why did they request to unstake almost 2M HYPE ($120M) before selling the more than 600k liquid HYPE ($36M) they already controlled? One possible explanation is that Multicoin is not selling. It may simply be moving the HYPE into Coinbase Prime to break the visible links between its known wallets before staking the HYPE again. We will know soon enough. If the unstaked HYPE is once again sent to Coinbase Prime and remains in fresh wallets, it would strongly support this hypothesis. Addresses holding liquid HYPE Deposited into Coinbase Prime: 0x1083a685A10eeA52147D94B2Fb4d94283f0adCD3 395k HYPE ($23.7M) 0x15002884d934005A579DB0440f345EA550f8c9Dd 212k HYPE ($12.72M) Still held onchain: 0x7190989B1B40Ac067CE251c959A8C665a43574b8 54k HYPE ($3.24M) 0x6CD6D02d5Db383564Ddddd75F939f5b81971833F 56k HYPE ($3.36M) 0xCa292baAb13A6B97fC83bB142e689440Fd0812b8 424k HYPE ($25.44M) 0xAB73C6A90E1BEdFD2169255A03EF79e3Db9F121A 77k HYPE ($4.62M)

A $10M $HYPE put expiry on @ryskfinance pushed the HYPE price more than 2%. Yesterday, Rysk processed one of its largest HYPE options expiries so far. Most of the exposure, roughly 100K HYPE, came from cash-secured puts sold at a $65 strike. After HYPE dropped almost 10%, these puts expired deep ITM. The market makers on the other side had bought the puts and to exercise them, they had to deliver HYPE during the 2 hour settlement window and receive the sellers’ stablecoin collateral at the $65 strike. The main MM involved was: 0x66799BC69d7a7DAAF50b6aa03CD5c6a2DF1a9454 This wallet bought more than 100K HYPE on HyperCore during the settlement process, pushing the HYPE price around 2%. But here is where things get interesting. Almost 100K of the HYPE delivered through settlement went to a single user: 0x5Db201AE15f9702f0a0Ff9F00b8c1c18355373d0 This user sold roughly 100K cash-secured puts with a $65 strike, collecting the premium upfront and locking around $6.5M in stablecoins. Because HYPE expired near $60, the puts had approximately $500K of intrinsic value, so he ended up buying HYPE at $65 even though the price per HYPE at that moment was around $59. Shortly after receiving 99,755 HYPE, the user sent all of it to Bybit. There is a chance it will now be sold, but this wallet has followed a similar pattern for months: it deposits HYPE into Bybit, withdraws it again a few weeks later and repeats the strategy. The difference is that it had never done it with nearly 100K HYPE before. Will this time be different?

The large hyperliquid:native seller still controls more than 200K hyperliquid:native ($12M) and many people are claiming that the entity is a16z. But is that actually true? Several posts have recently claimed that a16z is selling its HYPE and causing the price to dump. Here is what we found. Those posts are referring to the same Anchorage-related entity that has been selling HYPE over the last two days. The entity appears to have multiple connections to both the a16z HYPE cluster and Anchorage, but that is likely because Anchorage uses this address, among other things, to receive and distribute HYPE from its customers. The most likely explanation is that this entity is not a16z. It is simply another customer using Anchorage to sell its HYPE. This particular entity follows a very specific pattern. Between June 3 and June 5, it withdrew all of its HYPE from into fresh wallets. The tokens then remained untouched until they were sent back to Anchorage to be sold. As of now, the entity still appears to control more than 175K HYPE ($10.5M), across its own wallets. The attribution is not fully confirmed, but all four wallets follow the exact same pattern described above. At the same time, Anchorage is currently selling another 50K HYPE. Wallets still holding HYPE: 0x1ff522a0ccf81644440044d3f6a7a0bd8abf7efb: 48K HYPE 0x5d1bb82dd40a0462292e7f0487e0cb5e124dc31b: 68K HYPE 0x85dd8b47ece3764e9e9bfb73d1dbecd4a9eb919e: 36K HYPE 0x3d1ad1d41bbe30b1dd76b63e3548d9cb63092e08: 24K HYPE Wallet currently selling HYPE: 0xc745044ae202B60d3eF5EE89A5f6738011651464: 50K HYPE TLDR: the available onchain evidence does not support the claim that a16z is the entity selling. The seller is more likely an unknown Anchorage customer that still has more than 200K HYPE left to distribute.

An entity that used Anchorage to buy hyperliquid:native a few months ago has just sent its remaining 118K HYPE ($7.7M) back to Anchorage. This comes after it did the same thing yesterday, sending 112K HYPE ($7.5M). Minutes after receiving the tokens, Anchorage sent them to Gate, OKX, Bybit, and HyperCore, where they were fully sold over the following hours, pushing the price down roughly 3%. Since the pattern is very similar, the most likely outcome is that the recently received 118K HYPE will also be sold within the next 20 hours (in fact, just before publishing this post, they already moved 60k HYPE to OKX and Hypercore). Entity:

Today, after IBM released selected preliminary Q2 2026 results, its stock plunged more than 22% in premarket trading and a Goku fan on Hyperliquid was the first to take advantage of the move. Analysts expected IBM to generate $17.86B in revenue, but the company reported preliminary revenue of $17.2B, approximately 3.7% below consensus. Revenue was still up 1% year over year. Although IBM’s final Q2 results will be released on July 22, the market reacted immediately to the preliminary announcement. At that exact moment, address 0x99c641913b895b0180d6c8ece787a36dd8f99344 burned 0.5 HYPE to get priority access and opened the first short. This address belongs to the HFT that spends the most on priority fees, whose subaccounts all have Goku-related names, and which we uncovered in one of our previous posts. He was first, but he was not the biggest winner. A few moments later, CBB0FE (@Cbb0fe) became the biggest winner of the move on Hyperliquid. After the initial dump, he added to his existing short and made roughly $100K in just a few seconds. Right now, 77.4% of IBM traders on Hyperliquid are long, while 22.6% are short. What will happen on July 22? Discover it on Markets.

Nexus (@TheCryptoNexus) is $3.7M short hyperliquid:native and keeps adding to the position as the price moves higher. On the other side of the trade, qianbaidu (@qianbaidueth) just bought $584K worth of HYPE spot. One keeps shorting the strength. The other is buying it. Who will be right?

According to wallets linked to the Strategy addresses shared by Light (@lightcrypto), Strategy may have sold roughly $75M of BTC since the last filing. P.S. On-chain attribution might be imperfect, so treat the number as an estimate.

Now live in the Markets app. > Import Wallet: bring your own wallet & trade > Login with Apple ID, Google, and X > Edit your TP/SL with price levels > Move stops in profit Markets never sleep.

Between 06/18/2026 and 06/25/2026, Hyperliquid Strategies (@HypeStrat) increased its HYPE holdings by 0.6M $HYPE, from 28.7M to 29.3M. At the same time, cash decreased from $185.4M to $149.4M, a $36.0M reduction, while fully diluted shares stayed flat at 227.4M. So they bought roughly 0.6M HYPE, around $38M using the prior implied HYPE price, almost entirely funded from cash, with no meaningful share dilution this week. NAV also fell from 0.98x to 0.96x. Source:

Yesterday, the $KOSPI (Korea Composite Stock Price Index) saw a peak-to-trough drawdown worth roughly 45% of Bitcoin’s market cap. The index dumped around 10% intraday. Even though Korean equities are still a tiny niche on Hyperliquid, nearly $5M was liquidated across those markets, mostly in $SKHX, $EWY and $SMSN. The top loser was the wallet we named “MU-Insider”. He wasn’t liquidated, but saw his ~$1.5M in gains get wiped out, mainly due to his $SKHX long. In a similar spot was AlberBlanc (ABC), one of the biggest Hyperliquid market makers. They were liquidated in $EWY and $SMSN for $2.19M. But here’s the crazy part: KOSPI and Korean stocks are still up around 100% YTD. The value created this year is roughly equivalent to 2x Bitcoin’s entire market cap. Did the Korean stock market just top, or is this only a shakeout before the rally continues?

Loracle is up more than $4M on a new HYPE long. Three weeks ago, he sent 13M USDC to a new account and started longing HYPE and ETH over the following two weeks. So far, he has opened a $26M HYPE long and a $23M ETH long, now sitting on $4M and $1.8M in PnL, respectively. Will he make it back? Track Loracle on the Markets app:

HIP-4 CPI outcome markets look close to going live on Hyperliquid mainnet. The interesting part: resolution appears to be validator-based. From the current market config, CPI would resolve into exactly one outcome: below 4.3%, exactly 4.3%, or above 4.3%, based on the official BLS CPI print. This also looks like the next phase of HIP-4: canonical, validator-deployed markets first (where the protocol accrues all the value), then permissionless builder-deployed outcome markets later. In other words, HIP-4 may follow a similar path to perps: native markets first, builder-deployed markets later.

mk4 (@mk4_lul) opened a ~$100M solana:GoLDppdjB1vDTPSGxyMJFqdnj134yH6Prg9eqsGDiw6A short using a TWAP over the last hour. That represents more than 50% of that market’s open interest. At the same time, he has also been TWAPing out of the position, and still is. He is down ~$200k so far on this trade, but his all-time PnL is over $32M. Check his address here: This is the largest Gold position ever opened on Hyperliquid.

Two weeks ago, a TST trader tried to make Hyperliquid lose millions. Today, the same wallet got liquidated. But the liquidation wasn’t the failure. It looks like the exit.